BP reported a record quarterly net loss of $17 billion today. It was the company's first quarterly loss in 18 years and came despite a 34 percent rise in revenue, up to $75.8 billion. For the same quarter last year, BP reported a profit of $4.39 billion.
In another first, the company moved to appoint an American as head of the company. As expected, the company announced Robert Dudley, who hails from Mississippi, will take the reins from Tony Hayward starting October 1. Reporting on BP's press conference today, the Associated Press quoted Dudley acknowledging a long road ahead to financial recovery for BP. Today the company announced it would be selling off $30 billion in assets over the next 18 months and setting aside $32.2 billion to cover costs of the Gulf of Mexico oil spill.
Dudley called the oil spill a "wake-up call not only for BP, but the oil and gas industry overall, and we will be looking deeply at our review of operational safety and what we have learned from this spill." He added the company plans to keep its presence in the U.S. "I think we have a lot to offer in the United States to the oil and gas industry and getting this right, working in the U.S., meeting those commitments and cooperating with officials is vital to BP's future success in America," he said.
Explaining his decision to leave the group he has led for three-and-a-half years, Hayward said: "I believe this tragedy will leave BP a different company. I believe for it to move on in the United States it needs new leadership and it is for that reason I have stood down as the CEO. I think BP's response to this tragedy has been a model of good social corporate responsibility. It has mounted an unprecedented response."
JUNE 19 Former Saint Steve Gleason, who is paralyzed by ALS, released a statement Tuesday in response to the Atlanta radio station's skit making fun of him and the disease, this Picayune post reports. What did he say? He said he'd accepted the apology of the DJs who did it, notes that at least the incident has got people talking about ALS, and asks anyone who is burning to take action about it to do so -- by helping him fight ALS.
JUNE 19 Blogger Ian McGibboney takes a look at the Gleason incident in this post. He makes a good argument about the difference between having free speech and being free from consequences for your speech (which none of us is). He also admits that many of us got upset before we listened to the skit -- but lets us know that the reality is far worse than we can imagine. It was the incredibly bad judgment, even more than the actual speech, that probably got those DJs fired, he opines.
JUNE 19 Washington Post blogger Aaron Blake writes about Sen. Guillory's switch to the GOP in this post. He writes what most political watchers in Louisiana know: Guillory was a Republican before he decided to run for the senate seat in a mostly-D St. Landry district, and has switched back now that he plans to run for Lt. Gov. in a mostly-R state. But how come Blake missed Guillory's appearance on a TLC pageant show? Now that is a video we'd like to see. (Again).
JUNE 19 Here's another Washington Post blog post about a Louisiana politician, and it's just plain scathing. Ezra Klein says Jindal's Politico post was "insulting" to the intelligence of voters, and adds that Jindal is personifying the "stupid" he's railed against, by being an "elite" who convinces GOP activists of "things that aren't true." Me-ow.
JUNE 19 Here's Gov. Jindal's post in Politico, in which he asks the GOP to get over losing to Obama (again) and stop "the bedwetting." (Uh, what?) He gives his Republican buddies what is probably a nerd's idea of a coach's motivational talk, which starts with a list of accomplishments that they can't seem to exploit and ending with an absurd description of liberals that sounds like a character treatment for a Fox "News" movie scripted by Gordon Liddy. Sure, he's preaching to the choir, but even the choir's not this gullible.
JUNE 19 Lamar Parmentel read Gov. Jindal's post on Politico, but thinks it was so dumb it probably was published in the wrong paper. This post by Lamar on the Daily Kingfish opines that possibly Jindal's post was destined for the Onion -- because the governor couldn't possibly be serious here. If you listen closely, you can hear the staff of the Kingfish giggling.
JUNE 19 Blogger Robert Mann posts from Turkey, a country he has visited several times in the past few years. Mann gives an interesting overview of the current political and societal climate of the country, which -- if you're living under a rock and don't know -- is experiencing protests and turmoil these days. Mann promises to post as much as he can during his trip, which should be fascinating reading.
JUNE 19 Blogger CB Forgotston says the legislature is keeping the vicious cycle going with its funding of new buildings for the community college/technical college system. Universities across the state need maintenance and improvement on existing buildings, and the solution is to build new buildings at other schools? By the time the bonds are paid off, those buildings will be falling down, too, CB says.
Frank’s Casing Crew, now doing business as Frank’s International, will make its final appearance on ABiz’s list of the Top 50 Privately Held Companies in Acadiana this year, and once again it will likely be at the top with more than $1 billion in annual revenues. The 75-year-old company specializing in tubular fabrication and installation services to the oil and gas industry plans to offer shares of its stock to the public for the first time.
The defeat, or rather highjacking of House Bill 420 in the final days of this year's Legislative Session, say Reps. Vincent Pierre and Terry Landry, is the result of the propaganda spread by one unidentified local media outlet and an unnamed former state Representative, but nothing to do with the original legislation's lack of checks, balances or details.
He’s a singer. A songwriter. A piano man. A family man. He’s even got his own Wikipedia entry. He’s David Egan. And he knows ancient secrets about the monolithic stones of Stonehenge that he’s not willing to share.