Oil Spill Nearly Ruined BP

  morddwyd 11:58 03 Jan 2016
Locked

BP's CE says that the Gulf of Mexico oil spill nearly ruined BP.

click here said in this forum at the time at the time they'd be lucky to survive, and any such idea was pooh-poohed!

I

  Aitchbee 17:06 04 Jan 2016

BP paid just over £4,062 per barrel of oil spilled in compensation, I reckon.

  Forum Editor 17:48 04 Jan 2016

"said in this forum at the time at the time they'd be lucky to survive, and any such idea was pooh-poohed!"

In September 2015 the company still had assets of $273 billion. Slightly less than Chevron, but more than several other big oil companies. It announced a dividend on the July 2015 quarter.

I can see no financial evidence that BP was ever 'nearly ruined' and it certainly isn't on the breadline now, but in common with all oil companies it has to contend with falling prices.

What certainly did happen was that the business was shaken to its core in terms of confidence in its own operating structures, but Bob Dudley and the board appear to have acted rapidly and responsibly to put matters right. The proof of how successful or otherwise they have been will be in the full 2015 financial results.

Others in the industry are suffering, but we should all benefit from the lowest fuel prices for quite a while.

  morddwyd 19:34 04 Jan 2016

*I can see no financial evidence that BP was ever 'nearly ruined' *

Nor me, but I assume the CEO knows his stuff. Can't see why he would say such a thing if it's not true.

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