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BP CEO Bob Dudley. Photo: Michael Kovac/Getty Images

BP CEO Bob Dudley is preparing to leave the oil-and-gas giant within roughly a year, which would end a decade-long run at the helm, according to Sky News and Reuters.

Why it matters: The plan, if true, is part of a wider changing of the guard at some of the world's largest oil companies.

  • Exxon CEO Darren Woods took over for Rex Tillerson in 2017 after Tillerson left for what would be a short tenure as secretary of state.
  • Mike Wirth became CEO of Chevron in 2018, replacing John Watson.

Where it stands: Sky News reported Saturday that Dudley is preparing to leave "within about 12 months," while Reuters noted Monday that he's "drawing up plans" to step down next year.

  • BP did not confirm that the 64-year-old Dudley is preparing to step down. A spokesman tells Axios that "we don't comment on speculation."

The big picture: Dudley became CEO months after the fatal 2010 Gulf of Mexico blowout and massive spill of over 3 million barrels that wreaked havoc on BP's finances and reputation.

  • A big part of his tenure has focused on steering the company through the years of aftermath, including sale of tens of billions of dollars of assets.
  • BP has paid over $65 billion in costs for cleanup, settlements, penalties, restoration efforts and more.

Dudley has also overseen repositioning of the company in other ways. They include...

  • Recently boosting its position in U.S. shale with the $10.5 billion purchase of BHP's assets in 2018, and August's announcement that BP is exiting Alaska after a decades-long run as a huge player in the state.
  • Expanding BP's moves to diversify into other energy sources, although oil-and-gas are still the overwhelming majority of its business. Examples include BP's purchase last year of U.K. electric vehicle charging network Chargemaster and investment in the fast-charging startup StoreDot.
  • BP has also revived its solar efforts with purchase of a 43% stake in the solar developer Lightsource (now called Lightsource BP) rolled out in late 2017.

Where it stands: "Mr. Dudley is under no pressure to step down, meaning a lengthy handover to his successor is possible and could take place after he has turned 65," Sky reports.

Go deeper

33 mins ago - Health

U.S. surpasses 25 million COVID cases

A mass COVID-19 vaccination site at Dodger Stadium on Jan. 22 in Los Angeles, California. Photo: Mario Tama/Getty Images

The U.S has confirmed more than 25 million coronavirus cases, per Johns Hopkins data updated on Sunday.

The big picture: President Biden has said he expects the country's death toll to exceed 500,000 people by next month, as the rate of deaths due to the virus continues to escalate.

GOP implosion: Trump threats, payback

Spotted last week on a work van in Evansville, Ind. Photo: Sam Owens/The Evansville Courier & Press via Reuters

The GOP is getting torn apart by a spreading revolt against party leaders for failing to stand up for former President Trump and punish his critics.

Why it matters: Republican leaders suffered a nightmarish two months in Washington. Outside the nation’s capital, it's even worse.

Erica Pandey, author of @Work
5 hours ago - Economy & Business

The limits of Biden's plan to cancel student debt

Data: New York Fed Consumer Credit Panel/Equifax; Chart: Axios Visuals

There’s a growing consensus among Americans who want President Biden to cancel student debt — but addressing the ballooning debt burden is much more complicated than it seems.

Why it matters: Student debt is stopping millions of Americans from buying homes, buying cars and starting families. And the crisis is rapidly getting worse.

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