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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

Tina Reed, author of Vitals
25 mins ago - Health

The end of the Omicron wave is in sight

Expand chart
Data: Our World in Data; Chart: Baidi Wang/Axios

The Omicron wave is likely beginning to recede in the U.S., experts say.

Why it matters: Omicron is still wreaking havoc in parts of the country, but infectious disease experts are optimistic that relief is around the corner.

NASA estimates Tonga volcano exploded with force of 5-6 megatons

A satellite image of Hunga Tonga Hunga Ha’apai volcano on Dec. 24, before the eruption. Photo: Satellite image ©2022 Maxar Technologies

NASA scientists estimate the power of Tonga's volcanic eruption over the weekend to have been 5-6 Megatons of TNT equivalent.

Threat level: Saturday's eruption of the Hunga Tonga Hunga Haʻapai volcano and subsequent tsunami killed at least three people. Scientists warn an "ash-seawater cocktail" poses a potentially toxic health threat, and drinking water could be contaminated.

Updated 5 hours ago - Politics & Policy

New York AG alleges "significant evidence" of Trump Organization fraud

Combination images of former President Trump and New York State Attorney General Letitia James. Photo: Al Drago/Bloomberg via Getty Images; Scott Heins/Getty Images

New York's attorney general filed a motion Tuesday seeking to compel former President Trump and his two elder children to appear for sworn testimony in her office's civil investigation into the Trump Organization's financial dealings.

Why it matters: Attorney General Letitia James revealed new details in the court filing and a statement on her office's investigation into the Trump Organization's business practices, including a preliminary finding alleging the company used "fraudulent and misleading asset valuations to obtain economic benefits."

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