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Try, Try Again BP to Restructure Production Unit U.S. Coast Guard / Getty Images

BP to Restructure Production Unit

BP will announce a major restructuring of its oil and gas production unit, the second such restructuring since the Gulf of Mexico oil spill, sources told Reuters on Friday. The move will undo measures that CEO Bob Dudley put in place after the 2010 spill and will help free him up from close oversight of day-to-day operations. Lamar McKay, head of BP’s U.S. operations, will be made head of the reformed exploration and production unit. Dudley broke the E&P division into three units when he took over as CEO, as the previous decentralized model had been blamed for giving managers incentives to put profit before safety. BP shares have not recovered since the Macondo well was capped.

November 23, 2012 8:48 AM