BP chief focusing on future

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.

Bob Dudley unveiled a raft of strategic moves at the embattled firm, including a return to dividend payments of seven cents a share, increased spending on exploration and the proposed sale of two key US refineries.