BP said today that 'no final decision' had been taken over the departure of under-fire chief executive Tony Hayward and the size of the losses racked up by the Gulf of Mexico oil disaster.
Mr Hayward has led the firm since 2007 but has committed a string of PR blunders since the crisis began in April and was reportedly negotiating his departure over the weekend.
The oil giant added that its board is meeting tonight ahead of the company's second-quarter results tomorrow - potentially sealing Mr Hayward's fate.
Last night a US government official all but confirmed that the chief executive was on his way out, saying senior BP figures had briefed late last week of a change of leadership.
Throughout the weekend, Mr Hayward was reported to be in discussion with senior management over his severance package. It is believed that the terms of his employment entitles him to a payout of at least £1m sterling.
The Daily Telegraph reported today that his pension pot could be as much as £10.8m.
Bob Dudley, currently BP's managing director, is tipped to be Mr Hayward's successor. BP was quick to stress Mr Dudley's links to the American south when he took over day-to-day running of the clean-up operation.
The potential elevation of an American to the post of chief executive could take some of the venom out of attacks from US politicians over BP's handling of the disaster.
The extent of the damage to BP's balance sheet caused by the Gulf of Mexico crisis will be revealed tomorrow when it posts its latest results.
It is believed that the massive compensation and clean-up costs associated with the slick is likely to have plunged BP into the red for the first time since 1992. By that time, the fate of Mr Hayward is likely to be known.
The chief executive - a BP employee for 28 years - has been repeatedly singled out for attack over his handling of the Gulf of Mexico spill. He angered Washington early on in the disaster by expressing a wish to have his 'life back'.
Further gaffes including being seen yachting at the height of the crisis, further alienated him from US political and popular opinion. Last month he faced a barrage of criticism in front of a fired-up Senate committee in Washington.
During a lengthy grilling with US politicians he was accused of presiding over 'astonishing' corporate complacency.
