BP has been said to be responsable for paying for the cleanup of the oil spill off the coast of louisiana. How long will it take them to recover, if ever?
How long will it take BP to recover from paying for the oil spill?
Posted on May 13, 2010 in Commodities · 10 Comments
I’m thinking that they might turn to insurance to help with the cost of the cleanup.
the cost is insignificant to them probably a couple of hours earnings
It took Exxon in 1989 many years to finalize their role in the Alaskan spill. But, at the final, I think 3 billion or so, what is that to a company with 284 billion in sales? The approx. same thing will be with BP, and it will go on for many years also, as people find oil destroying wildlife, habitats, fishing grounds, and who knows where this oil slick may end up.
They have no insurance for the consequences of the spill. Pure speculation maybe $15 billion cost to them in costs and damages, estimates are flying around and seem to be getting larger. BP is a foreign company so sentiment may be extra strong against them and they may never recover in the US. BP may well have to sacrifice a year’s profits for the cleanup and damages but the cost for them won’t end there. They will have to bear the costs of damage to their reputation and onerous restrictions on their operations by the US Authorities. They may even feel forced to sell up in the US and become a smaller company operating in other parts of the world.
BP is the 4th largest corporation in the world, the disaster will cost small change to BP and a few billion dollars won’t even affect the bottom line.
BP will continue to profit by many billions more next year.
Based on their quarterly report- it will take them between 17-22 hours to recoup their losses.
Exon i think would still be paying for there spill after the lawsuits and that was in the middle of nowhere in alaska . They somehow got out of it in 2008 i think . I think that they paid half of the 2 or 5 billion that they were sued for . They got a loan from I think JP morgan or someone like that . But this new oil spill is where everyone goes for vacation . It has been said that it might travel up the east coast as well . There is no telling how much it will be . If you have BP stock i would have sold it as soon as I heard about this . Gas was supposed to go up to 3 or 4 dollars a gallon but now it will be at least 5 by the end of the year I’m sure .
I’m not big on conspiracy theory’s but the day before earth day this happens when Obama was finally giving the OK on more off shore drilling . Some have said it was North Korea , and some was saying that it may be either China or Russia or even an enviromental nut job . I did hear an interview with a petroleum engineer on the Mark Levin show saying,” its almost impossible for something like this to happen by mistake “. And for that to happen the day before Earth Day . Thats like having a plane crash into a building again on 9/11.
BP won’t pay. Capitalism means that the privilege of paying will be yours. What are you, some kind of socialist?
We could Boycott BP products word wide to let BP and the other Oil giants know that it is Not acceptable to Pollute our world.
The only thing that gets their attention is falling proffits.
It will take years just like in alaska