BP, battered but still standing, faces up to its post-oil spill future |
| The Guardian - Sep 6, 2010 |
BP is still standing, but the Gulf of Mexico oil spill has changed the company forever. It could have been far worse.
In June, some City analysts doubted whether BP could survive the crisis. Shares had plunged by more than half. Within the space of a few weeks, the official estimate of the amount of oil flowing into the Gulf had increased from 5,000 barrels to anywhere between 35,000 and 60,000 barrels per day. The company's repeated attempts to stop the flow had failed and August – the earliest the first relief well could be drilled – seemed a lifetime away.
The chief executive, Tony Hayward – who has since resigned – and BP's chairman were summoned to meet Barack Obama at the White House. They were forced to scrap plans to pay shareholders a dividend and instead to set aside $20bn to pay damages to those affected.
Read Full Article from The Guardian
- Posted: 2010-09-06 20:17:18
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