Feb 7, 2017
BP: Dudley the diplomat
His erstwhile peer at BP, Bob Dudley, is negotiating some tricky diplomacy of his own - so far, with aplomb. Mr Dudley is not quite done with the Macondo disaster; payments for that will go up after a cost reassessment. More fundamental was BP's revision of its capital spending projections. The midpoint of its capex range for this year nudged up by half a billion, to $16.5bn. In order to generate the cash flow required to cover investment and dividends, BP says it needs an oil price of $60 a barrel, up from a previous level of $55. To bridge the gap - and keep dividends flowing - more asset sales will be needed. He can point to his efforts to regain the sort of growth trajectory BP had years ago, back in the go-go years under John Browne.
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