BP's Gulf Oil Spill Cost is Now Over $6 Billion
BP (NYSE:BP) estimates the Gulf of Mexico oil leak has cost the company US$6.1 billion.
This loss includes the cost of the Gulf response efforts, oil leak containment measures, relief well drilling, grants to Gulf states, claims paid to the federal government, and compensation for citizens affected by the disaster.
So far more than 145,000 compensation claims have been made by Gulf state residents, 103,000 of which have received payment.
Yesterday BP deposited its first US$3 billion installment to the US$20 billion oil spill recovery fund it has set up to pay for environmental and economic damages committed by the spill. Another $2 billion will be deposited in the fourth quarter of 2010.
In total, BP forecasts the oil leak will cost the company US$32 billion. According to reports, the company is looking to sell $30 billion in assets in order to meet the significant bill. The oil giant endured its worst financial quarter in company history in the second quarter of 2010, recording a loss of US$16.9 billion.
Read the full story at MWC News: BP oil spill cost tops $6bn
Nathanael Baker is the Managing Editor of EnergyBoom. He has researched and reported on the issues of renewable energy, sustainability, and climate change for over two years. He has provided research to the New York Times and The Economist, as well as being published on different media outlets including, The Energy Collective.
Energy Boom content is for informational purposes only and is not intended to be advice regarding the investment merits of, or a recommendation regarding the purchase or sale of, any security identified on, or linked through, this site.
| Rate this story | Share | Subscribe | ||
|
|
|
 |
 |
 |
