Friday, December 20, 2013

Britain’s Got Talent, BP Doesn’t

 BP plc (BP), formerly known as British Petroleum, was the biggest integrated oil company in Europe before the Macondo incident in April 2010. To raise cash to pay settlement and cleanup costs, BP was forced to divest low-profit reserves and operations around the world. Subsequently, its oil and natural gas output fell from around 4,000 million barrels of oil equivalent1 (MBOE) per day in 2009, to around 3,330 MBOE per day by 2012. BP has already paid out $27.2 billion in cash since the incident, and the matter is expected to be settled this year. However, even after significant losses, it still has the second-highest reserves. It is considered a part of the ‘Big Oils’ group, and is ranked with Exxon Mobil Corp (XOM), Chevron Corporation (CVX), Royal Dutch Shell plc (RDS.A), Total S.A. (TOT) and ConocoPhillips Co. (COP). Read More : BP,COP,CVX, RDSA, TOT

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