Bob Dudley is likely to take over as the BP chief executive from the outgoing Tony Hayward.
Bob Dudley is likely to take over as the BP chief executive from the outgoing Tony Hayward.

Man who would be king of what?



If Bob Dudley, an American, becomes the next chief executive of the UK's biggest oil company as many expect, it could be legitimate to ask whether his former company Amoco has taken over BP. Large corporate mergers often involve a struggle for supremacy between disparate cultures. In 1998, when BP acquired the much talked about US oil company Amoco, it was widely assumed the British oil giant's culture would win out.

But now the US public is baying for change, egged on by a chorus of vote-conscious politicians. BP's "corporate culture of carelessness", they argue, has spawned the biggest oil spill in US history. The point man who could be entrusted with cultural reform, starting as early today, is the Amoco alumnus Mr Dudley. "It's a wise choice to pick an American. This will take off some of the pressure," Gudmund Halle Isfeldt, an analyst at DnB NOR in Oslo, told Bloomberg. He anticipated BP's board would name Mr Dudley the future chief executive of the company after it met yesterday evening.

Born in Queens, New York, in 1955, while his father was serving a stint in the US Navy, the current head of BP's oil-spill response was raised in Hattiesburg, Mississippi, and spent summers in Biloxi, on the Gulf coast. He obtained a chemical engineering degree from the University of Illinois and business degrees from Southern Methodist University in Dallas, Texas, and the Thunderbird School of Global Management in Glendale, Arizona - training grounds for the "good ol' boys" who dominated the Gulf Coast oil scene around that time.

Mr Dudley got his start in the oil industry as a field engineer for Amoco in Texas and later worked for the company in Scotland, Russia and China. He joined BP through its takeover of the Chicago-based Amoco and was soon made head of the merged company's renewable and solar energy business. At BP, he was the chief executive of the company's TNK-BP joint venture with Russian billionaire investors. There, in Vladimir Putin's Russia, he was embroiled in a fight with business partners who wanted to focus exclusively on the bottom line. Mr Dudley stood up for BP and was chased out of Russia. After running TNK-BP from a secret hideout while a shareholder battle for the company raged, his resignation was the public sacrifice the Russians demanded for a settlement.

Mr Dudley has been described as diplomatic and careful with words. On May 6, he told a business audience in Boston, less than three weeks after the explosion on the Deep Horizon oil platform, "the human dimension of this tragedy" had been "somewhat overlooked". "Our thoughts and prayers are with the injured and with the families and friends of those souls who are not with us today. We feel an enormous sense of sadness and loss. ? No one will rest until this job is done," he added.

Still, not everyone would welcome his elevation. "I worked for BP between 2000 and 2004 and one thing that was very noticeable was that in the UK and in Europe, BP was obsessed with health and safety, environmental protection, risk minimisation, etcetera," Stan Pomeray, a UK investor, wrote two weeks ago on the Interactive Investor website. "We regularly turned down lucrative bits of business because it felt too risky.

"In the US, however, BP was a completely different animal," he added. "Nobody took safety seriously, nobody really gave a damn about environmental considerations. ? That wasn't just senior management it was everyone. The reason? Simple: BP USA was basically Amoco re-badged." tcarlisle@thenational.ae

England World Cup squad

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Tonight's Chat on The National

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Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.

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UAE currency: the story behind the money in your pockets
The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%204-cylinder%202.0L%20TSI%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20Dual%20clutch%207-speed%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20320HP%20%2F%20235kW%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20400Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20%2449%2C709%20%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20now%3C%2Fp%3E%0A
COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The biog

Age: 35

Inspiration: Wife and kids 

Favourite book: Changes all the time but my new favourite is Thinking, Fast and Slow  by Daniel Kahneman

Best Travel Destination: Bora Bora , French Polynesia 

Favourite run: Jabel Hafeet, I also enjoy running the 30km loop in Al Wathba cycling track

AVOID SCAMMERS: TIPS FROM EMIRATES NBD

1. Never respond to e-mails, calls or messages asking for account, card or internet banking details

2. Never store a card PIN (personal identification number) in your mobile or in your wallet

3. Ensure online shopping websites are secure and verified before providing card details

4. Change passwords periodically as a precautionary measure

5. Never share authentication data such as passwords, card PINs and OTPs  (one-time passwords) with third parties

6. Track bank notifications regarding transaction discrepancies

7. Report lost or stolen debit and credit cards immediately

JOKE'S%20ON%20YOU
%3Cp%3EGoogle%20wasn't%20new%20to%20busting%20out%20April%20Fool's%20jokes%3A%20before%20the%20Gmail%20%22prank%22%2C%20it%20tricked%20users%20with%20%3Ca%20href%3D%22https%3A%2F%2Farchive.google%2Fmentalplex%2F%22%20target%3D%22_blank%22%3Emind-reading%20MentalPlex%20responses%3C%2Fa%3E%20and%20said%3Ca%20href%3D%22https%3A%2F%2Farchive.google%2Fpigeonrank%2F%22%20target%3D%22_blank%22%3E%20well-fed%20pigeons%20were%20running%20its%20search%20engine%20operations%3C%2Fa%3E%20.%3C%2Fp%3E%0A%3Cp%3EIn%20subsequent%20years%2C%20they%20announced%20home%20internet%20services%20through%20your%20toilet%20with%20its%20%22%3Ca%20href%3D%22https%3A%2F%2Farchive.google%2Ftisp%2Finstall.html%22%20target%3D%22_blank%22%3Epatented%20GFlush%20system%3C%2Fa%3E%22%2C%20made%20us%20believe%20the%20Moon's%20surface%20was%20made%20of%20cheese%20and%20unveiled%20a%20dating%20service%20in%20which%20they%20called%20founders%20Sergey%20Brin%20and%20Larry%20Page%20%22%3Ca%20href%3D%22https%3A%2F%2Farchive.google%2Fromance%2Fpress.html%22%20target%3D%22_blank%22%3EStanford%20PhD%20wannabes%3C%2Fa%3E%20%22.%3C%2Fp%3E%0A%3Cp%3EBut%20Gmail%20was%20all%20too%20real%2C%20purportedly%20inspired%20by%20one%20%E2%80%93%20a%20single%20%E2%80%93%20Google%20user%20complaining%20about%20the%20%22poor%20quality%20of%20existing%20email%20services%22%20and%20born%20%22%3Ca%20href%3D%22https%3A%2F%2Fgooglepress.blogspot.com%2F2004%2F04%2Fgoogle-gets-message-launches-gmail.html%22%20target%3D%22_blank%22%3Emillions%20of%20M%26amp%3BMs%20later%3C%2Fa%3E%22.%3C%2Fp%3E%0A
F1 drivers' standings

1. Lewis Hamilton, Mercedes 281

2. Sebastian Vettel, Ferrari 247

3. Valtteri Bottas, Mercedes 222

4. Daniel Ricciardo, Red Bull 177

5. Kimi Raikkonen, Ferrari 138

6. Max Verstappen, Red Bull 93

7. Sergio Perez, Force India 86

8. Esteban Ocon, Force India 56

What is the definition of an SME?

SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.

A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors. 

Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 

It

Director: Andres Muschietti

Starring: Bill Skarsgard, Jaeden Lieberher, Sophia Lillis, Chosen Jacobs, Jeremy Ray Taylor

Three stars