BP will likely survive spill, but worth much less

[Omaha Steve]

Source: AP

By CHRIS KAHN

NEW YORK (AP) - BP is probably sturdy enough to survive the worst oil spill in U.S. history. But investors are shaving billions of dollars off its value with every day that crude gushes into the Gulf of Mexico.

On Tuesday alone, the first trading day since BP's latest attempt at a fix failed, and the day the government announced it had opened a criminal probe into the disaster, its stock took a hit of 15 percent.

The British oil giant is worth $75 billion less on the open market than it was when the Deepwater Horizon rig exploded six weeks ago. Other companies involved in the spill - Transocean, Halliburton and Cameron - have all lost at least 30 percent in value.

And as oil seeps unchecked into the Gulf, nearby states, businesses, environmental regulators and injured workers and cleanup crews are eyeing damages that could total billions more.


Read more: http://apnews.excite.com/article/20100602/D9G2PVPG0.html

[dipsydoodle]

1. Its value reduced

to what it was in March last year. :shrug:

[Statistical]

2. "But investors are shaving billions of dollars off its value with every day "

Every day AP?

Does that include today?

NYSE:BP (BP PLC ADR) Close 37.66 +1.14 (3.12%)

[Aslanspal]

3. But I don't want them to survive....

I want them to pay and pay and pay and pay until they have cleaned it all up...saved as many speices as they can...replace the ones they killed...then I want them to be liquidated.

[obxhead]

4. Radio reported BP is poised for a take over if

current trend continues.

[dipsydoodle]

5. How would that help the situation ?

Just be a different day same shit. The whole point is that drilling at the that depth was uncharted territory so nobody know what to do - unfortunately.

[obxhead]

6. agree 100%. Not saying it would be good or bad either way

just what I heard on the radio today while working.

Personally I think that might even be a 'staged' solution in BP's future. The old under new management (wink wink) trick to rebuild it's wealth.

[spicegal]

7. They don't deserve to survive. I don't care what happens to them.

They need to spend every last penny they have fixing and cleaning up this mess. I don't even think it's possible to clean it up. I fear we're not being told everything. How the hell can anyone be allowed to drill on the ocean floor with no fricken idea how to handle this kind of emergency, no contingency plan, no nothin. BP doesn't deserve one little drop of sympathy. I've had it with these corporations.

[cliss]

8. Re: Survival.

It's far, FAR too soon to tell. There's A LOT of bills to pay yet. The hole hasn't even been plugged yet.

My solution is to GIVE BP to all the people along the coast line. Distribute the shares and let 'em have it.
:smoke:

[JustABozoOnThisBus]

9. BP will slough off this so-called "debt"

They'll declare a "fakeruptcy", like K-Mart and GM did, wash their hands of obligations, leave shareholders with nothing, then emerge "new".

Lawyers and accountants. Gotta love 'em. Especially the sociopathic ones.

:hi:

[daleo]

10. BP is treating America the way Bush and Blair treated Iraq

Innocent people be damned, only the rich and powerful matter. Same goes for the environment.