Cornwall ON – The well is capped and BP’s Chief Executive, Tony Hayward has been banished to Eastern Europe and replaced by the man responsible for capping the well, Bob Dudley. BP has now announced that it’s put over $30B away to cover damage from the Oil spill.
Stripping out the oil spill costs, BP made a second quarter profit, on a replacement cost basis, of $5bn, compared with $2.9bn for the second quarter of 2009.
Now these monies are being put aside, but are they being spent or will they? It’s like 3 card Monte. You get to see the ball, but is it there when you go to make your choice? BP is also selling assets suggesting they will be a leaner and meaner company in the future; but who are buying these assets and why are they being allowed to be sold until all of the damages are recovered for the spill?
What do you think Canada? You can post your comments below.
it’ll be paying for Afghanistan mining and a little to pay off the debt
I think those who were smart enough to buy some cheap BP stocks last week, will reap good fortune in the next few months and years.