BP hires Bank of England leader

Spencer Dale to bring macroeconomic expertise to company.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |  Aug. 4, 2014 at 10:00 AM
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LONDON, Aug. 4 (UPI) -- British energy company BP said Monday it appointed an official from the Bank of England to serve as its next chief economist.

Spencer Dale, executive director for financial stability at the Bank of England, joins BP in October.

"Spencer's deep experience in central banking and his communications and financial markets background will be invaluable as we look to understand the future of energy markets globally," Dev Sanyal, BP's executive vice president strategy and regions, said in a statement.

Dale, a 25-year veteran of the British central bank, will advise BP's board of directors and oversee production of BP's seminal Statistical Review of World Energy and the BP Energy Outlook

"I look forward to bringing my experience of macroeconomics and the public sector to the world of international energy," Dale said.

Dale's departure from the Bank of England comes amid a shakeup under new director, Mike Carney.

BP last week reported second quarter replacement cost profits, a measure that eliminates oil price volatility, at $3.2 billion, up 34 percent from the same period in 2013.

BP Chief Executive Bob Dudley said cash flow during the second quarter was "robust."

Looking forward, the company said geopolitical concerns about Russia's influence in Ukraine "could adversely impact our business and strategic objectives in Russia, the level of our income, production and reserves, our investment in Rosneft and our reputation."

BP owns a 19.75 percent stake in Russian oil company Rosneft, the target of international sanctions.

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