BP far from beyond problems over two years after Macondo
BP is still grappling with the consequences of Macondo, two-and-a-half years after the disaster. And, as NJ Watson finds out, there may be more difficulties ahead for UK supermajor as it puts its stake in TNK-BP on the block
BP has suffered mightily over the past couple of years. Yet another unhappy reminder of its dreadful recent past came at the end of July when the supermajor revealed a $5 billion charge had pushed it into a $1.4bn loss for the second quarter. The details of this $5bn charge – which Peter Hutton, equity analyst at RBC Capital Markets, described as “extremely disappointing” – covered all BP’s recent problems. It includes an additional $847 million provision for the 2010 Macondo disaster, bringing the total set aside for potential liabilities to $38bn, but it’s by no means the end of the matter. In June, BP reportedly offered $15bn to settle all remaining lawsuits arising from the oil spill, th
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