BP posts a record quarterly loss and names Dudley as the next CEO

BP announced a $17 billion second-quarter loss, the biggest in U.K. history, and selected Robert Dudley to replace Tony Hayward as CEO on Oct. 1. If BP hadn't set aside $32.2 billion to pay for the cost of its Gulf of Mexico oil spill, it would have had a $5 billion profit because of an increasing price of oil. Dudley will be the first American to head the company.

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