Russian Official Says BP CEO Hayward To Resign, BP Immediately Denies

Tyler Durden's picture

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Cheeky Bastard's picture

If he resigns I would expect for the stock to crater and both spread and yield curve to invert and widen. Its been shaky as it is [OK it actually traded 2.15% higher on LSE at 8:30 GMT+1] and if Hayward really does resign [highly improbable] it will most likely be the end of BP. It was trading higher mostly due to the statement that was issued an hour before LSE opened and which was, as you would expect, highly optimistic regarding both the size of potential liabilities and the potential success of the relief wells. 

Cursive's picture

 if Hayward really does resign [highly improbable] it will most likely be the end of BP.

Wow.  Does Hayward shoot lightening bolts out of his ass, too?  I've seen nothing in Tony Hayward to inspire me to hire him as the local dog catcher much less head a multi-national oil conglomerate.  In particular, his performance before Congress was laughably pathetic.  If Tony Hayward is BP and BP cannot exist without Tony Hayward, then that would explain a lot about BP's Macondo blowout and subsequent poor handling of the oil spill containment.

mephisto's picture

Agree, he seems a quiet bureaucrat not the leader you need at such times, and I think his days are numbered

However I think there would be massive surprise if he resigned now. Timing is everything. The market feeling would be that he and the board knows the current situation and future prospects are worse than has been divulged, and Cheeky's view on the market reaction are spot on.

If he resigns after the relief wells are drilled, very different story. That can be spun as decent corporate management.

Amish Rake Fighter's picture

I think he meant that Hayward's resignation would signal the end of BP, not trigger it

 

what's with the stupid fucking math questions to get my post on the forum?

 

-(minus 13) minus -11(-10) = fuck off

snowball777's picture

How many times you fucking Cossack?

Wait until THEY announce something we've heard on the wire!

Wynn's picture

BP has the explicit backing of the US and UK governments

the taxpayers will fail before this behemoth does

russki standart's picture

I beg to differ. Until we can roughly quantify the damages ramifying from the Gulf oil spill,  BPs future prospects as a going concern are unknown. Criminal liability can and will be used to piece corporate veils and seize assets controlled by BP. Disclosure:

I was long on BP at 37.75, and sold at a loss at 34.72.  I may go short on BP very soon.

firstdivision's picture

I am Jack's complete lack of surprise.

 

I wouldn't expect him to resign until they either a)find someone the market would have faith in or b)when the gusher gets capped.

StychoKiller's picture

No way, the White House needs a visible "Whipping Boy!"

anony's picture

What do those who resign do afterwards? 

Well, if they are Nardelli, they get a huge package in the hundreds of millions for trashing the company, and then get hired at higher income with another contract that gives them another several hundred million if they get sacked or the company fails.

It's the human version of TBTF.  And very nice 'work' if you can get it, where your performance is deemed far beyond your control, de-coupled from the actual results produced.

Lewis Carroll dealt with this cleverly in, "Alice in Wonderland", if your recollection needs refreshed.

dan22's picture

By 2025, more than 2.8 billion people will live in 48 countries facing water stress or water scarcity, a recently revised United Nations medium population projected. Of these 48 countries, 40 are either in the Near East and North Africa or in sub-Saharan Africa. Over the next two decades population increase alone—not to mention growing demand per capita—is projected to push all of the Near East into water scarcity. By 2050 the number of countries facing water stress or scarcity will rise to 54, and their combined population to 4 billion people—40% of the projected global population of 9.4 billion

Source:

Special Report- All The Facts Behind The World's Water Crisis

firstdivision's picture

That is why I am enjoying living in the largest reserve of fresh water (and the word fresh has to be used loosely).

aerojet's picture

WTF is "ramifying" did you make that word up?

DosZap's picture

Screw Tony, I want the damn killing of the economy and ocean to stop.

NO way you convince me O is making this into a fkin Nightmare to make a point.

Never let a crisis go to waste.............WE MUST KILL THE SYSTEM.

So we can steal your Nation,your way of life, and your wealth.

McCain wants a repeal of the Jones Act..............screw me.

Obama can call for an EO to bypass it...............HE won't because it PROTECTS the UNIONS!!!!!!!!!!!!

bigdad06's picture

I guess the Russians have just sent a message to Tony. He better resign if BP wants that Russian oil. They can easily give the deposit to another company. Good luck Tony in your new endeavor whatever that may be!:))

BorisTheBlade's picture

"We know that Tony Hayward is leaving his position and he will introduce his successor," Igor Sechin told reporters ahead of a meeting with Hayward.

Whatever agenda Tony had to discuss before this meeting, went out of the window immediately after this announcement. Imagine yourself in a situation like that, you plan a meeting, prepare some talking points and then the person you were supposed to meet goes "Hey, Tony we heard you were leaving. Come over, boy, introduce the real guy we'll be talking to going forward". That's just another way of saying that meeting isn't necessary as the person is irrelevant. Bitchslap.

Moonrajah's picture

Damn those pesky Russkies! Actually Mr.Sechin forgot the footnote at the end of the debriefeing docs he received from his spies in the US. The footnote said something about not spilling the beans until the official announcement from BP closer to wednesday.

Now they will have to reschedule his resignation to some later date. What a partypooper.

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