BP is continuing to dispose of assets to help fund its liability arising from the Deepwater Horizon explosion in the Gulf of Mexico in April. The global energy group has agreed to sell its 60% stake in Pan American Energy, an Argentina-based oil and gas company, to Bridas Corporation for $7.06 billion. The disposal is … Read more
Interbrand’s annual ranking of the world’s world’s most successful brands for the first time does not include BP, which lost billions of dollars of value, and brand equity, due to the oil spill in the Gulf of Mexico. “BP’s environmental disaster and inability to make good on its brand promise of ‘Beyond Petroleum’ led to … Read more
No single factor caused the Macondo well tragedy, according to BP. Rather, a sequence of failures involving a number of different parties led to the explosion and fire which killed 11 people and caused widespread pollution in the Gulf of Mexico earlier this year. A report released by BP today concludes that decisions made by … Read more
With its share price continuing to fall, BP’s market capitalization has now fallen by more than $100b since its oil spill in the Gulf of Mexico started. According to the oil giant, the cost of cleaning up the leaking oil has risen to $2.35b. Its market capitalisation could well sink deeper due to anticipated further … Read more