BP chief focuses on future as oil giant posts loss

BP's new chief executive shifted focus at the oil giant to the "future rather than the legacy of the past" today as it revealed the Gulf of Mexico oil spill saw the company sink to its first loss in nearly 20 years.

Business Diary: Shares set for a Superbowl surge?

Good news for those with cash on Wall Street: this year's Superbowl match-up between the Pittsburgh Steelers and the Green Bay Packers is set to herald soaring share prices. According to market researcher Capital IQ, when the Steelers are in the big game the S&P 500 index surges by an average of 25.2 per cent for the calendar year, and by an average of 24.2 per cent when the Packers are in. Numbers like that should help mollify all those Wall Streeters crying over the demise of their beloved New York Jets.

Hayward in the running for Glencore board role

Tony Hayward, the former chief executive of BP who was forced to step down in the wake of the devastating Gulf of Mexico oil spill, has emerged as a possible candidate for a board seat at Glencore, the world's biggest commodities trader.

RSA's profits dive as it pays out millions in weather claims

Ihe insurer Royal & SunAlliance yesterday became the latest company to say it had taken a multimillion-pound hit from this winter's cold snap.

BP deal gets a muted thumbs-up from the City

The markets gave a cautious welcome to BP's $7.8bn (£4.9bn) share-swap and Arctic exploration deal with Russia's Rosneft last night.

Polar pioneers: Is arctic oil the final frontier?

BP's bet on Russia is a technical, environmental and political risk

BP angers America again – this time over deal with Russians

BP's frantic efforts to repair its devastated reputation in the US have been set back by a major new alliance with the Russian government, prompting outraged comments from all sides of the political spectrum.

BP targets one of the world's last unspoilt wildernesses after deal

Environmentalists are angry at the energy giant's plans to drill for oil in a remote region of the Arctic

BP pipeline leak in Alaska rattles oil prices

Oil prices rose and BP shares fell last night amid nervousness about the leak that caused the shutdown of the Trans Alaska Pipeline, the supply route for more than 10 per cent of US crude oil.

David Prosser: BP breathes more easily – despite all the name-calling

Outlook Phew. That might sound a peculiar reaction to the damning Presidential Commission report into the Deepwater Horizon spill, but it's a fair summary of BP investors' response. After the report was published overnight, BP's shares opened up yesterday morning and stayed up for most of the day.

Johann Hari: For sale - Cameron's green credentials

Why do the Tories think timber companies want to buy the forests? To abandon the work they do and become druids?

Oil disaster inquiry probes 'systemic' failures

Economies and short cuts by BP and other firms contributed to last year's disastrous Gulf of Mexico oil spill, a damning official inquiry has found.

MPs say keep drilling despite risk from oil spill

Britain lacks the ability to deal with a large-scale North Sea oil spill in bad weather conditions but nonetheless should allow oil companies to continue deep water drilling off the coast, MPs will say today.

David Prosser: Britain cannot afford to turn its back on deepwater drilling

Outlook In the end, of course, it is all about the money. The Energy and Climate Change Committee's announcement today that a moratorium on deep-water drilling off the coast of the UK should not be imposed does not imply there is no risk of the sort of disaster seen in the Gulf of Mexico last summer. Whatever your views about the safety record of oil and gas explorers, that risk can never be entirely discounted. No, this is a decision based on a head-headed economic view: that such is the demand for oil and the cost of switching to less risky alternative sources of energy, deepwater drilling needs to continue.

The Business On... Andy Inglis, Head of Production at Petrofac

A rapid recovery?

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