BP has announced its chief executive, Tony Hayward, is to step down on 1 October.
Mr Hayward has faced widespread criticism over his handling of the huge oil spill in the Gulf of Mexico and subsequent efforts to clean it up.
He will be replaced by fellow executive, Bob Dudley, who is currently in charge of day-to-day clean-up operations in the Gulf.
The BBC reports the oil giant says it has set aside $32.2 billion to cover costs linked to the oil spill saying the charge meant it recorded a loss of $17bn for the three months between April and June.
BP also announced it will sell of $US30bn of assets.