BP Pledge to Turn Fortunes Around

Oil major BP's CEO has pledged to turn the business around over the next two or three years and reverse its fortunes, says UK newspaper the Sunday Telegraph.

"We have been on the downward spiral for three or four years and it will take us two or three years to come back up," CEO Tony Hayward says in an interview with the paper.

"It is step by step over two to three years, but we have going for us a bit of a revenue wave from the stuff that is coming in so we will see if we can pick the wave," Hayward adds.

Over the past couple of years BP's fortunes have been hit by a series of accidents, most significantly the Texas City refinery blast two years ago which killed 15 people.

In September, Hayward announced a major shake-up as he delivered a warning to staff that third-quarter revenues would be "dreadful", blaming BP's underperformance partly on excessive complexity within the organisation.

By staff writer