BP quarterly loss: key points

– included in that number is a £12.9bn compensation fund agreed in June
– excluding oil spill and other non-operating costs, BP's profits rose $4.9bn (£3.2bn)
– 4 per cent fall in production on last year because of oil spill
– more than $30bn (£19.3bn) of assets to be sold off to raise funds
– BP plans to cut its net debt level to between $10 billion (£6.4bn) and $15 billion from $23bn over the next 18 months.
– confirmation that Tony Hayward will step down as chief executive on 1 October
– Mr Hayward will be entitled to a £600,000 annual pension and a total pot of £11m
– Bob Dudley, currently in charge of day-to-day clean-up operations in the Gulf, will become new chief executive
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