Oil spill puts BP $32bn in the red as Hayward departs

Oil giant BP plunged into the red for the first time in 18 years today as it racked up a huge $32.2bn (€38.42bn) bill for the Gulf of Mexico spill.

Oil giant BP plunged into the red for the first time in 18 years today as it racked up a huge $32.2bn (€24.78bn) bill for the Gulf of Mexico spill.

BP, which also confirmed the departure of chief executive Tony Hayward, posted a loss of $17bn (€13.1bn) for the April-June period following the Deepwater Horizon tragedy.

The firm is replacing Mr Hayward with US citizen Bob Dudley and also announced a shake-up of its portfolio including up to $30bn (€23.1bn) in asset sales over the next 18 months.