Costs of Gulf oil spill are rising for BP, but company has deep pockets

Thursday, June 17, 2010

BP’s got money aplenty for huge Gulf spill bill

Cleanup, fines and lawsuits stemming from the Gulf of Mexico oil spill are likely to cost BP tens of billions of dollars. Yet many investment analysts say the British oil giant can survive the crisis. Here’s a look at some of the costs BP faces, and a snapshot of its finances.


— It’s already paid $1.8 billion.

— Cleanup tab could hit $20 billion, assuming worst-case spill estimates.

— If BP is found “negligent” under federal law, fines quadruple to $4,300 per barrel spilled, adding perhaps $20 billion to the bill.

— BP agreed to put $20 billion into a fund to pay fisherman and other workers who’ve lost money.

Court cases could add tens of billions to cost, especially if criminal charges are filed.


— Strong cash flow from operations, estimated at $30 billion for 2010.

— Suspending dividend, tapping cash and selling assets frees up $25 billion this year.

— It could tap $10 billion in debt already lined up with banks.

— Because it has borrowed little so far, BP can easily hit up lenders for another $15 billion.

Filed under: Lawsuit

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youheard itherefirst
June 17, 2010: 6:18 pm

Greetings, there is a viable and economical way to plug the leak in the gulf. It is similar to balloon angioplasty, but on an industrial scale with a bit of tweeking but it will work IF THEY DO IT!!!! don’t hold your breath though folks, I’ve been emailing news organizations, congress the senate and the white house along with bp telling them about this solution. It’s like screaming into a hurricane though, no one can hear me and everyone is so busy with talking points and trying to gain some political ground, no one seemingly wants the leak plugged.
Anyway, to plug the leak, as I stated earlier it is similar to balloon angioplasty, if you are unfamiliar with what that is, search youtube, they have video.. The tweeking is the balloon will have to be inside the thread feeder, when in place deep inside the leak, deploy the balloon and fill with some proprietary concrete/cement mixture, let it setup and LEAK FIXED.
So simple even an elected official could comprehend it.. tell your friends, loved one’s and anyone else that you know about this fix and lets get the leak plugged and move on with our lives. Have a nice day,… OH and for the people who will inevitably scoff that such an easy idea will work, could it really hurt to try? because to date, they’ve not done a whole lot with the leak so why not try balloon angioplasty on the leak.

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