The new boss of oil giant BP vowed to strip out layers of management today as part of a "fundamental shift" in the way the company works.

Oil giant BP today confirmed plans for a restructuring after the group's new boss spoke of the group's "dreadful" performance.

Oil giant BP's new chief executive is planning a radical overhaul of the group as part of a plan to shore up the group's flagging results, it was reported today.

Disgraced former BP boss Lord Browne returned to full-time business today after agreeing to join a New York-based private equity firm.

The BP executive in charge of the Texas City refinery hit by a fatal blast two years ago is to step down at the end of August, the oil giant said today.

Oil major BP today announced the appointment of a watchdog to monitor safety improvements at its five US refineries.

The British Attorney General is being asked to consider bringing perjury charges against the former boss of BP.

The London market stormed ahead to finish the week at its highest level for nearly six-and-a-half years, closing 46 points up at 6462.4 on Friday.

BP’s outgoing chief executive Lord Browne joined the company as plain John Browne in 1966 and has forged a career with the oil giant spanning more than 40 years.

A shareholder revolt over the pay package of BP boss Lord Browne today threatened to overshadow his last annual meeting as chief executive of the oil giant.

Potential private equity bid excitement surrounding Marks & Spencer was today filling the void left by Sainsbury's, as the consortium eyeing the supermarket chain finally abandoned its takeover attempt.

Oil giant BP was today facing a shareholder revolt regarding the pay package of departing chief executive Lord Browne.

Safety failures at all levels of the BP business were to blame for the Texas City refinery explosion which killed 15 people, a new report said today.

Board directors of oil giant BP knew about the link between spending cuts and poor maintenance at its Texas City oil refinery a year and a half before the fatal accident which killed 15 workers, it was reported today.

The boss of oil giant Royal Dutch Shell has landed £2.5m (€3.7m) in wages and bonuses after record results for the firm last year, it emerged today.

British energy firm BP is settling a pair of court cases stemming from a deadly explosion at its Texas City oil refinery two years ago, a lawyer for the two workers said tonight.

Outgoing BP chief executive John Browne has been ordered to answer questions about the company’s Texas City plant explosion in 2005 that killed 15 people and injured hundreds more.

Oil giant BP made profits of $22.25bn (£11.34bn/€17.2bn) during 2006, despite reporting a fall of 12% for the final three months of the year today.

The promise of a windfall for shareholders caused shares in industrial conglomerate Smiths to jump by more than 13% today.

Lord Browne of Madingley shocked the City tonight when he said he will stand down as chief executive of oil giant BP in July.

Troubles at oil giant BP deepened today after output in the last three months fell even lower than a year ago when production was devastated by hurricanes.

Troubled oil giant BP was dealt a further blow today after problems in Alaska saw production levels fall in the third quarter.

Oil giant BP is undertaking a root-and-branch review of its global operations following last year’s Texas refinery blast.

BP faced fresh controversy today after shareholders filed a lawsuit against senior executives following the partial shutdown of its Prudhoe Bay oil field in Alaska.

The London market maintained its strong run today as investors continued to draw encouragement from recent earnings updates in the US.

BP boss Lord Browne ended intense speculation over his future today and said he will leave the oil giant at the end of 2008.

Investors were closely watching developments at the top of two of London’s leading companies today.

BP chief executive Lord Browne is expected to use his company’s second quarter earnings presentation today to confirm plans to stand down in 2008.

Talk of an energy challenge may seem odd from an oil industry awash with record profits but Royal Dutch Shell this week showed how hard it is working to keep the good times going.

UK oil giant BP posted a 4% fall in first-quarter profits today as it felt the effects of storm damage to rigs and the shutdown of its biggest refinery.

Oil giant BP today defended its safety record at the end of a year that senior executives described as challenging and of mixed fortunes.

Record profits for a UK company could be set by BP this year after the oil giant revealed today it was taking more than £30m (€44.3m) every day.

Oil giant BP was on course today to set a new benchmark for annual profits by a British company despite disruption caused by the hurricane season in the US.

Oil giant BP was silent today on reports that it is courting Chinese leaders over a ground-breaking deal that would mirror its lucrative joint venture in Russia.

Oil giant BP today agreed the $9bn (€7.4bn) sale of its petrochemicals business after scrapping plans for a stock market flotation.

BP unveiled record first-half profits of $10.47bn (€8.7bn) today, as the UK energy giant continued to benefit from rising oil prices.

Oil giant BP delivered another leap in profits today after its surplus for the first three months of this year hit $5.49bn (€4.2bn).

Oil giant BP today sought to reassure investors that it was not becoming embroiled in a stand-off with Russian authorities over a $1bn (€782.2m) tax bill.

The chief executive of BP was rewarded for a year of bumper profits with a £5.65m (€8.18m) pay package – equivalent to more than £15,000 (€21,700) a day.

Energy giant BP has set in motion plans for one of the biggest stock market flotations of the year, a report said today.

Oil giant BP today announced annual profits of $16.2bn (£8.72bn / €12.7bn), a rise of 26% on last year.

Oil giant BP today reported a profits bonanza that saw it bank nearly £1m (€1.4m) an hour on the back of record fuel prices.

Oil prices hit a fresh record high today following warnings of possible terrorist attacks against financial institutions in the United States.

Oil prices were hovering close to their recent record high today after Russian producer Yukos was ordered by bailiffs to stop sales.