BP announces record loss following spill

This is the first time in 18 years that the company has slipped into the red and today’s announcement also included confirmation that Tony Hayward will be stepping down as chief executive in October.

It is likely that he will be taking a new position as a non-executive director of Russian joint venture TNK-BP sometime after.

Hayward will be replaced by American BP board director Bob Dudley, who has been managing day-to-day clean-up operations in the Gulf since the recent creation of a unit devoted to the task.

Commenting on the decision to step down, Hayward said: ‘The Gulf of Mexico explosion was a terrible tragedy, for which − as the man in charge of BP when it happened − I will always feel a deep responsibility, regardless of where blame is ultimately found to lie.

‘From day one I decided that I would personally lead BP’s efforts to stem the leak and contain the damage − a logistical operation unprecedented in scale and cost. We have now capped the oil flow and we are doing everything within our power to clean up the spill and make restitution to everyone with legitimate claims.