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New CEO Bob Dudley says BP's (BP +0.2%) rivals and the media had helped cause a climate of fear...

New CEO Bob Dudley says BP's (BP +0.2%) rivals and the media had helped cause a climate of fear during the summer's Gulf well blowout, citing "a great rush to judgment by a fair number of observers before the full facts could possibly be known."
Comments (9)
  • Tom Au, CFA
    , contributor
    Comments (6775) | Send Message
     
    Unfortunately, dramatic events of this sort cause panicked reactions, including on this site, and including yours truly.
    25 Oct 2010, 09:50 AM Reply Like
  • HiSpeed
    , contributor
    Comments (1063) | Send Message
     
    The side effects of Millions of gallons of oil all over the coast include "rushes to judgment."
    25 Oct 2010, 09:55 AM Reply Like
  • losbronces
    , contributor
    Comments (618) | Send Message
     
    Such are the consequences of poor practices. How does Bob Dudley think his statement will help anything?

     

    It appears BP has made another poor selection for CEO. Will this ensure the continuation of the same corporate culture that has produced so many incidents?
    25 Oct 2010, 10:01 AM Reply Like
  • positivethoughts
    , contributor
    Comments (1812) | Send Message
     
    I was most upset that the Administration seemed to be obstructing available resources from being sent to the area to help with the cleanup, thus resolving the situation faster. I believe they wanted to demonize the oil industry and they thought the bigger the crisis, the more political capital that can be earned from the incident.
    25 Oct 2010, 10:03 AM Reply Like
  • Richard Mackenzie
    , contributor
    Comments (453) | Send Message
     
    When it comes to fast-moving eco-disasters like this, I would rather over-react (and put too many resources on the clean-up) than under-react, and end up with a real mess.

     

    Unfortunately it didn't work that way since I didn't see too many resources on the cleanup. That's the worst combination - emotional over-reaction with resource under-reaction. Doesn't make sense, does it?
    25 Oct 2010, 10:10 AM Reply Like
  • haschrad
    , contributor
    Comments (49) | Send Message
     
    I'm not sure what he gains by making this statement, but he does have a certain point (he could have included government officials as well).

     

    Here in NC, the local media was borderline hysteric promoting "scientific models" that showed how the oil would go into the gulf stream and ruin our beaches (just in time for the July 4th holiday, of course). Fortunately it never happened, and the media seemed somewhat disappointed.
    25 Oct 2010, 10:10 AM Reply Like
  • losbronces
    , contributor
    Comments (618) | Send Message
     
    I am not saying that his statement is not correct, it is just not very politically astute from a CEO. Nothing is to be gained by calling out the media when the original incident was created, IMO anyway, as a result of the corporate cultural that favored speed and cost control (which in reality has cost them much more) over safe operations.
    25 Oct 2010, 11:59 AM Reply Like
  • gjg49
    , contributor
    Comments (386) | Send Message
     
    calling out the media may well be his point.
    in retrospect, the media grossly overreacted and panic ensued.
    why should he not point out that the media too often itself gets hysterical??
    while the media seemed to strongly imply that BP (and other businesses as well) can not be trusted, perhaps Dudley wanted to point out that the media can not be trusted any more than BP. i, for one, agree with Dudley if that is his message.
    25 Oct 2010, 05:11 PM Reply Like
  • Richard Mackenzie
    , contributor
    Comments (453) | Send Message
     
    First of all - you have got to make some judgement up front, or you won't be able to decide how much clean-up resources to put on it. If you wait long enough to know the full extent it will be too late to do anything. So you MUST rush to an initial judgement. Just don't call that your "final" judgement. That would be a rush.

     

    Best way to avoid that Mr Dudley: DON'T SPILL OIL IN THE GULF!!!
    26 Oct 2010, 08:18 AM Reply Like
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