OK, Fools, let's begin with a question: Is BP (NYSE: BP) CEO Tony Hayward staying or going? With the company's leader having spent much of the time since April 20 with a foot in his mouth -- and with the tendency to blame CEOs for errors on their watch -- my bet is that Tony's days, or weeks, are numbered.
The London Times gives the three-year CEO 10 weeks at the company's helm. One reason to assume his departure are his verbal gaffes during the Gulf of Mexico spill, such as his comment that he'd like to have his life back, despite the 11 deaths that occurred when the Transocean (NYSE: RIG) rig exploded. And there may also be the need to prepare for takeovers by ExxonMobil (NYSE: XOM) or Royal Dutch Shell (NYSE: RDS-A), either of which may have designs on BP.
But Hayward's departure has been denied by the company, which said that he has the full support of BP's board. And during a visit with President Barack Obama on Tuesday, British Prime Minister David Cameron lauded BP's efforts to plug the Gulf leak, which reportedly has left behind 1.6 million barrels of oil. Cameron also told the president that he thought it was important for both countries to keep BP strong.
As you know, the spill has also precipitated a second drilling moratorium in the Gulf. But with the first one having been quickly dispatched by the courts, a suit filed Tuesday by drilling contractor Ensco (NYSE: ESV) will be worth our attention. The company claims that the new moratorium is not significantly different from the first. I also would anticipate more suits, perhaps by Hornbeck Offshore Services (NYSE: HOS) or Diamond Offshore Drilling (NYSE: DO), which filed actions in the first round.
Finally, given the Gulf spill's dominance in the news, you may know that China is also suffering its own record spill near the northeastern city of Dalian. That tragedy occurred when a pipeline exploded, setting off a massive fire. Through Wednesday, that spill had doubled in size to 165 square miles.
The pair of spills -- and, for now, the Gulf moratorium – have provided a bit of chaos in a world thirsty for energy. As such, your portfolio deserves at least a smattering of representation in this sector, and as I've noted on more than one occasion, my advice is to begin with the most super of supermajors, ExxonMobil.
