Jul 27 - BP CEO Tony Hayward Gets $1.6 Million To Leave Post As Company Reports Record Losses

BP may have sent its disgraced CEO packing to Russia, but the oil giant softened the blow, giving its bumbling executive $1.6 million for his troubles.

Meanwhile, BP announced Tuesday that its second-quarter losses of $17 billion were the company's worst ever. BP said the more than $32 billion it set aside to cover the costs of its massive oil spill in the Gulf of Mexico led to its horrific quarterly earnings report.

The April 20 explosion of the BP-leased Deepwater Horizon rig killed 11 workers and triggered the worst offshore oil spill in U.S. history.

Still, the company's chairman, Carl-Henric Svanberg, painted a rosy picture, aided by a 34% boost in revenue totaling $75.8 billion.

"BP remains a strong business," he said, though he added, "it will be a different company going forward."

As for Hayward, whose careless quip about wanting his life back and clueless responses to Congressional grilling made him the most hated man on the Gulf coast, he will work for BP's Russian venture TNK-BP.

"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," Hayward, 53, said in a statement Tuesday.

Hayward's deep sense of responsibility will likely be soothed by his BP stock, which could earn him millions if it recovers from the 40% plummet it has taken since the spill started, reports the Associated Press.

Starting Oct. 1, BP will be run by American Bob Dudley, 54, who lost the bid to be the company's CEO to Hayward three years ago.

BP says it is getting closer to killing the blown-up well, claiming it could be permanently plugged by mid-August.

To date, the government estimates that the spill has spewed between 94 million and 184 million gallons of oil into the ocean.

BP CEO Tony Hayward gets $1.6 million to leave post as company reports record quarterly losses

Money makes the world go round

Thought he would get even more than that. Not that he deserves it.

that's all

s**t... that's super low or better yet chump change compare to what the guys in AIG, Lehman Brothers or ENRON collected when they left.

i didnt read but is the 1.6 million in cash?

because im sure he gots way more then that in free company stocks that he can sell and make bank.

wow that's the usual severance package___ especially considering the money BP still is gettin in spite of them bein cheap by having crappy oil equipment

That's all f**king Obama would let BP give him. Prolly threatened them like he does everybody else.

He got his money for helping in the disaster created for gains