BP boss: Chief Executive Tony Hayward
BP to raise its game
UK oil and gas giant BP needs to raise its game after a year where competitors were more successful at profiting from high oil prices, the company's Chief Executive Tony Hayward said.
BP’s replacement cost profit for BP in 2007 was down 22% to $17.3 billion.
“It(profit loss) came at a time when the external trading environment was, by and large, extremely robust. Our competitors were more successful at exploiting this environment than we were," said Hayward.
The focus for this year will be on improving operational performance upstream in oil and gas exploration and production reported Rigzone.
"Our way of doing business is too complex, we are overly bureaucratic, not consistent enough and our costs are too high," Hayward said.
Hayward said that safety performance, his immediate focus after taking over as chief executive last year, improved threefold over the last eight years to be among the best in the industry.