BP posts record loss for oil spill
BP said on Monday that the $32.2 billion it has already set aside to cover the costs linked to the oil spill in the Gulf of Mexico has given it a loss of $17 billion for the three months between April and June - a UK record. BP admitted the total costs could rise even further.
The company also confirmed that is to leave his post by mutual agreement in October. Mr Hayward, 53, will receive a year's salary plus benefits worth more than £1m. He will also be entitled to draw an annual pension of £600,000 once he turns 55.
Mr Hayward's pension pot is valued at about £11m and he will keep his rights to shares under a long-term performance scheme which could - depending on BP's stock market recovery - be worth several million pounds eventually. He will be replaced by fellow executive Bob Dudley, who is currently in charge of day-to-day clean-up operations in the Gulf.
Mr Hayward is likely to retain a role within the company. BP plans to nominate him as a non-executive director of its Russian joint venture, TNK-BP. BP also announced it would sell off $30bn of assets.
Meanwhile on Tuesday, Greenpeace claimed that its activists had closed down BP petrol stations in central London in an effort to persuade the company to adopt greener energy policies. A BP spokesman described the stunt as "an irresponsible and childish act which is interfering with safety systems".
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