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Oil Spill Plunges Bp £11 Billion Into The Red

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http://www.independent.co.uk/news/business/news/oil-spill-plunges-bp-pound11-billion-into-the-red-2036388.html

Oil giant BP plunged into the red for the first time in 18 years today as it racked up a huge 32.2 billion US dollar (£20.8 billion) bill for the Gulf of Mexico spill.

BP, which also confirmed the departure of chief executive Tony Hayward, posted a loss of 17 billion dollars (£11 billion) for the April-June period following the Deepwater Horizon tragedy.

The firm is replacing Mr Hayward with US citizen Bob Dudley and also announced a shake-up of its portfolio including up to 30 billion dollars (£19.3 billion) in asset sales over the next 18 months.

Does this mean BP won't now be paying tax for awhile whilst it recovers the losses?

Good news for the Treasury then.....

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http://www.guardian.co.uk/business/2010/jul/27/tony-hayward-leaves-bp-1m-payoff

BP has confirmed that Tony Hayward is leaving with a £1m payoff and a pension, expected to be about half a million pounds a year, as the oil giant reported one of the largest corporate losses in British history due to the cost of the oil spill in the Gulf of Mexico.

Not a bad reward for a share price collapse and a massive loss.

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people think its always someone else who pays.

its time they realised we ALL Pay.

we pay for bankers bonuses.

Every high salary in the WORLD, WE PAY.

WE ARE THE ECONOMY.

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When I heard that BP was going to suffer the biggest loss in British company history I said to myself that another opportunity has been lost to make some qwuick money on stocks. Imagine if, on that wonderful news, you had bought shares in BP and sold them the same day. I haven't looked yet (honest) but I bet BP is flying off the shelves this morning.

EDIT:

I just looked and sure enough its UP!

417.75 +0.80 (0.19%)

We must still be in that contrarian phase where bad news is a buy signal.

Edited by Realistbear

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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