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Thread: Oil Spill’s Blow to BP’s Image May Eclipse Costs

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    Angry Oil Spill’s Blow to BP’s Image May Eclipse Costs

    What an ass-clown!!! BP's CEO, who made $5 million last year and whose company opposed new safety regulations by Congress last year: "What the hell did we do to deserve this?"



    HAMMOND, La. BP says that the offshore drilling accident that is spewing thousands of barrels of oil a day into the Gulf of Mexico could cost the company several hundred million dollars.
    Nobody really knows whether the London-based oil giant is being too conservative about the cost for the April 20 accident, which some experts say could end up as the biggest oil spill in history. The 1989 grounding of the Exxon Valdez off Alaska, for example, cost Exxon Mobil more than $4.3 billion, including compensatory payments, cleanup costs, settlements and fines.
    But regardless of the out-of-pocket costs, the long-term damage to BPs reputation and possibly, its future prospects for drilling in the Gulf of Mexico is likely to be far higher, according to industry analysts.
    The magnitude of the Deepwater Horizon disaster seems to be finally sinking in with investors. BPs stock plunged more than 8 percent Thursday in American trading in an otherwise strong day for stocks. Since the accident, the American depositary receipts of the company have fallen about 13 percent, closing Thursday at $52.56.

    CONTINUED: Oil Spill?s Blow to BP?s Image May Eclipse Its Cost - NYTimes.com
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    Re: BP's CEO who opposed new safety regulations: Why US?!

    Last year, when the federal Minerals Management Service proposed a rule that would have required companies to have their safety and environmental management programs audited once every three years, BP and other companies objected. The agency is also investigating charges by a whistle-blower that the company discarded important records from its Atlantis Gulf platform.
    Once the final assessment comes in, I would be interested to see if this would have helped prevent what happened.

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    Re: BP's CEO who opposed new safety regulations: Why US?!

    A little insight into what may have happened:

    Oil services contractor Halliburton Inc. said in a statement Friday that workers had finished cementing the well's pipes 20 hours before the rig went up in flames. Halliburton is named as a defendant in most of the more than two dozen lawsuits filed by Gulf Coast people and businesses claiming the oil spill could ruin them financially. Without elaborating, one lawsuit filed by an injured technician on the rig claims that Halliburton improperly performed its job in cementing the well, "increasing the pressure at the well and contributing to the fire, explosion and resulting oil spill."

    Remote-controlled blowout preventers designed to apply brute force to seal off a well should have kicked in. But they failed to activate after the explosion.

    Scott Bickford, a lawyer for several Deepwater Horizon workers who survived the blast, said he believes a "burp" of natural gas rose to the rig floor and was sucked into machinery, leading to the explosion.
    Rig Had History Of Spills, Fires Before Big 1 - National News Story - WDIV Detroit

    Haliburton? Haliburton? Hmmm... now where have I heard that name before? And what politician were they in bed with? Hmmm... more to come on how deregulating the energy industry may have contributed to this soon-to-be worst ecological disaster in American history...
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    Re: BP's CEO who opposed new safety regulations: Why US?!

    BP is a scapegoat. It was Haliburton that screwed up.
    PeteEU

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    Re: BP's CEO who opposed new safety regulations: Why US?!

    Quote Originally Posted by PeteEU View Post
    BP is a scapegoat. It was Haliburton that screwed up.
    Seems more probable that they both screwed up, and their particular degrees of contributory responsibility will be determined via Congressional hearings and the legal system. There may eventually be criminal charges filed also. Stockholders are already quite unhappy. I imagine their respective insurers will be unhappier still.

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    Re: BP's CEO who opposed new safety regulations: Why US?!

    Quote Originally Posted by Tashah View Post
    Seems more probable that they both screwed up, and their particular degrees of contributory responsibility will be determined via Congressional hearings and the legal system. There may eventually be criminal charges filed also. Stockholders are already quite unhappy. I imagine their respective insurers will be unhappier still.
    It was Haliburton employees that were capping the rig when the accident happened. It is a Haliburton owned and operated rig that is leased by BP to pump up oil.

    Only thing BP is guilty off is maybe not reacting fast enough, but then again that all depends on the information BP got from the site.

    This stinks of nationalism gone mad, just as blaming the only French guy for the whole Goldman Sachs thing.
    PeteEU

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    Re: BP's CEO who opposed new safety regulations: Why US?!

    Quote Originally Posted by Tashah View Post
    Seems more probable that they both screwed up, and their particular degrees of contributory responsibility will be determined via Congressional hearings and the legal system. There may eventually be criminal charges filed also. Stockholders are already quite unhappy. I imagine their respective insurers will be unhappier still.
    While Haliburton may well be covered by Insurance, BP are not covered by external (to BP) Insurance.
    Instead BP prefer to cover all contingencies themselves out of their own profits.
    They have over a number of years set aside monies to cover unexpected events.

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    Re: BP's CEO who opposed new safety regulations: Why US?!

    Quote Originally Posted by The Giant Noodle View Post
    What an ass-clown!!! BP's CEO, who made $5 million last year and whose company opposed new safety regulations by Congress last year: "What the hell did we do to deserve this?"



    HAMMOND, La. BP says that the offshore drilling accident that is spewing thousands of barrels of oil a day into the Gulf of Mexico could cost the company several hundred million dollars.
    Nobody really knows whether the London-based oil giant is being too conservative about the cost for the April 20 accident, which some experts say could end up as the biggest oil spill in history. The 1989 grounding of the Exxon Valdez off Alaska, for example, cost Exxon Mobil more than $4.3 billion, including compensatory payments, cleanup costs, settlements and fines.
    But regardless of the out-of-pocket costs, the long-term damage to BPs reputation and possibly, its future prospects for drilling in the Gulf of Mexico is likely to be far higher, according to industry analysts.
    The magnitude of the Deepwater Horizon disaster seems to be finally sinking in with investors. BPs stock plunged more than 8 percent Thursday in American trading in an otherwise strong day for stocks. Since the accident, the American depositary receipts of the company have fallen about 13 percent, closing Thursday at $52.56.

    CONTINUED: Oil Spill?s Blow to BP?s Image May Eclipse Its Cost - NYTimes.com

    I say take part of the cost of the clean-up effort out of that CEO's bonus check.

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    Re: BP's CEO who opposed new safety regulations: Why US?!

    "Nobody really knows whether the London-based oil giant is being too conservative about the cost for the April 20 accident, which some experts say could end up as the biggest oil spill in history."

    Is the NYT retarded?

    The Biggest Oil Spills in History - By Kayvan Farzaneh | Foreign Policy

    If current estimates for the Deepwater Horizon oil leak in the Gulf of Mexico are correct, the massive spill could eventually dwarf that of Exxon Valdez spill of 1989 -- previously the largest in U.S. history -- by as much as three times. At a rate of 5,000 barrels a day, for an estimated 90 days, well over 20 million gallons of crude could be pumped out onto the Louisiana coastline. Even then, it might only crack the top 15 largest oil spills in world history. Here are the top five.

    Location: Persian Gulf

    Date: Jan. 21, 1991

    Amount: Between 160 million and 420 million gallons



    THE IXTOC 1 OIL WELL

    Location: Gulf of Mexico

    Date: June 3, 1979 - March 23, 1980

    Amount: 138 million gallons

    etc.
    Hey, keep beating that drum guys.
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    Re: BP's CEO who opposed new safety regulations: Why US?!

    Quote Originally Posted by PeteEU View Post
    It was Haliburton employees that were capping the rig when the accident happened. It is a Haliburton owned and operated rig that is leased by BP to pump up oil.

    Only thing BP is guilty off is maybe not reacting fast enough, but then again that all depends on the information BP got from the site.

    This stinks of nationalism gone mad, just as blaming the only French guy for the whole Goldman Sachs thing.
    Um... Hallitburton does not "own" or "operate" the rig, not sure where you got that from.

    Transocean owned the rig, and BP operated it.

    Interestingly, Transocean actually posted a profit from losing the rig, as it was ensured for more than it was actually worth at this point. I believe they made something like $200 million out of the whole thing from insurance.

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