BP boss Bob Dudley said today that the embattled oil giant had reached a “definite turning point” following last year’s Gulf of Mexico disaster as he revealed a boost to third-quarter profits.

BP posted lower-than-expected profits today in a further sign of the pressure on the firm as it looks to reverse its fortunes in the wake of the Gulf of Mexico disaster.

Oil giant BP is facing calls from some of its biggest shareholders to sell off up to half of its assets as part of a radical restructuring of the group, it was reported today.

Oil giant BP is expected to face further shareholder ire at its annual general meeting over “wholly unacceptable” boardroom pay packets awarded in the wake of the Gulf of Mexico oil disaster.

Oil giant BP is facing a wave of protests as it holds its annual general meeting in London days before the first anniversary of the Gulf of Mexico disaster.

BP shares came under pressure today as it was reported that staff at the beleaguered oil giant could face manslaughter charges over the Gulf of Mexico oil spill.

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.

The FTSE 100 Index cheered investors in 2010 with better-than-expected growth of about 9%, although there are fears that the coming year could be much more difficult for the London market.

BP's former boss today admitted the group's oil spill contingency plans were "inadequate" and said it was unprepared for the media "feeding frenzy" after the Gulf of Mexico disaster.

Oil giant BP announced a return to profit today despite a further hit of $7.7bn from the Gulf of Mexico disaster.

Royal Dutch Shell today said its profits jumped in the third quarter after it benefited from higher oil prices and a 5% rise in production.

Proposals for the first EU-wide laws on oil platform safety and standards are likely early next year, the European Commission said today.

Scottish MEPs this afternoon hailed a major victory when a call to end all new drilling for oil in European waters was overturned in the European Parliament.

The FTSE 100 Index finished in the red today but that did not prevent it enjoying its best September for 13 years.

The London market fell into the red today in the face of deepening concerns over a European debt crisis, with the banking sector bearing the brunt of the pressure.

BP’s incoming chief executive took the first steps in rebuilding shattered confidence in the group today as he announced plans for a new safety division with “sweeping powers”.

Embattled BP boss Tony Hayward defended the firm’s safety record tonight as he was grilled by a committee of MPs over the implications of the Gulf of Mexico oil spill.

Oil giant BP said today that the cost of tackling the Gulf of Mexico disaster had risen to $8bn so far.

Outgoing BP chief executive Tony Hayward today said he had been “demonised and vilified” over the Gulf of Mexico disaster.

Tony Hayward, who will step down as BP boss in October after a career at the oil giant spanning almost 30 years, said it was right for the company to pursue a change of leadership following the Gulf of Mexico disaster.

Embattled BP chief executive Tony Hayward is negotiating his exit package with an announcement on his future expected in the coming 24 hours, it was reported today.

World markets were dragged lower today after cautious comments from the US Federal Reserve curbed enthusiasm for riskier stocks.

Embattled BP chief executive Tony Hayward last night cancelled plans for his first public appearance in the UK since the Gulf of Mexico disaster.

Oil from the Gulf of Mexico disaster has been found more than 100 miles from the leak, adding to fears of more pollution.

Beleaguered oil giant BP came under more pressure today after its credit rating was cut amid fears over the soaring cost of the Gulf of Mexico disaster.