LONDON (Thomson Financial) – Tony Hayward, chief executive of BP PLC, is expecting progress in achieving a recovery in the oil major’s performance following a turbulent two years, marked by project delays and outages at its major US refineries.
‘I am determined that we should see progress by the end of the year and that the momentum will build steadily through 2008,’ Hayward told reporters at a news conference following the group’s second quarter results.
However in the near term, Hayward said he expects to see further pressure on earnings and cash flow from cost inflation and higher depreciation charges.
He reaffirmed the group’s 2007 capital spending guidance of 18 bln usd excluding acquisitions, and assured that major upstream projects including Atlantis and Greater Plutonio are on track to come on-stream by the end of 2007.
Hayward also finally dashed persistent merger speculation, claiming that talk about a possible deal with rival Royal Dutch Shell PLC is ‘absolutely of no substance’.
He added Byron Grote, the chief financial officer will also stay on until spring of 2009.
Hayward is planning to streamline the business and is initially aiming to redeploy 100 staff at the groups headquarters in London. [email protected] mbe/ks/gp
Copyright AFX News Limited 2007. All rights reserved.
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
