Will BP stock ever recover from the oil spill?
The BP stock price was sitting at roughly $59 prior to the spill, and so far shares of the company haven’t come close to recovering. BP shares have traded within a 52 week average of $27.01 and $43.85, and the BP stock price has been on an overall downtrend for the past year and a half.
What happened to BP’s stock price in 2010?
Not surprisingly, the spill coincided with one of the biggest drops for the BP stock price since 1978. The company’s share price lost 54 percent on the NYSE between April 20, 2010, and June 25, 2010, bouncing back slightly before the wellhead was capped on July 15, 2010.
What caused the BP oil spill in 2010?
(BP). On April 20, 2010, while drilling at the Macondo Prospect, there was an explosion on the rig caused by a blowout that killed 11 crew members. On April 22, 2010, Deepwater Horizon sank while the well was still active and caused the largest offshore oil spill in U.S. history.
How much has BP paid in settlements for the oil spill?
In addition to about US$14 in lawsuit settlements and a US$4 billion fine levied by the US Department of Justice, BP has reportedly paid US$20 billion to settle suits brought by state governments and the federal government, as well as US$32 billion to clean up the oil spill. Prior to the incident, BP’s stock price was sitting at roughly US$59.
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How did the BP oil spill affect the stock market?
The oil spill caused an estimated 3.19 million barrels of oil to leak into the Gulf of Mexico1. The market punished BP after the incident and the stock price continually decreased until bottoming out on June 25 after roughly a 55% decrease.
How much was BP worth before the oil spill?
$180 billionBP was worth more than $180 billion at the time of the Gulf oil spill and is still one of the largest companies in the world. But it was on the brink of collapse after the spill, and few other companies could afford the costs BP incurred.
What was BP highest stock price ever?
BP - 45 Year Stock Price History | BPThe all-time high BP stock closing price was 79.70 on November 06, 2007.The BP 52-week high stock price is 34.30, which is 19.3% above the current share price.The BP 52-week low stock price is 23.39, which is 18.7% below the current share price.More items...
What happened to BP stock after Deepwater Horizon?
The largest marine oil spill in US history had no impact on stock market returns for BP compared with those of a version of the company running in a simulation where the disaster never happened, according to researchers.
How much did the Deepwater Horizon survivors get paid?
On Feb. 15, 2018, the Mexican government agreed to the $25.5 million payout from BP, in return for settling their lawsuit, clearing the transnational energy giant of all damages to Mexican waters.
Is BP still paying for Deepwater Horizon?
The vast majority of the tab – about $69 billion – has been picked up by BP. The remainder has been split among Transocean, which owned the Deepwater Horizon, and BP's drilling partners Anadarko and MOEX.
How many times has BP stock split?
BP. (BP.) has 0 splits in our BP. stock split history database.
When did BP last pay a dividend?
Jun 23, 2022BP's last dividend payment date was on Jun 23, 2022, when BP shareholders who owned BP shares before May 11, 2022 received a dividend payment of $0.32 per share. Add BP to your watchlist to be reminded of BP's next dividend payment.
Who owns the most shares of BP?
BlackRock, Inc.BlackRock, Inc. is currently the largest shareholder, with 9.3% of shares outstanding. The Vanguard Group, Inc. is the second largest shareholder owning 4.2% of common stock, and Norges Bank Investment Management holds about 3.4% of the company stock.
What companies profited from the BP oil spill?
FACTBOX-Companies involved in the U.S. Gulf rig accidentTransocean Ltd RIGN. SRIG. ... BP Plc BP. LBP. ... Anadarko Petroleum Corp APC. ... Cameron International Corp CAM. ... Halliburton Co HAL.N - The oilfield services company, which has headquarters in Dubai and Houston, provided a number of services on the Deepwater Horizon.
What is BP net worth?
The company has around 18,700 service stations worldwide. Its largest division is BP America in the United States....BP's headquarters in St. James's, Westminster, LondonNet incomeUS$8.49 billion (2021)Total assetsUS$287.27 billion (2021)Total equityUS$90.44 billion (2021)19 more rows
Who was responsible for Deepwater Horizon?
The oil rig involved in the Deepwater Horizon oil spill was owned and operated by offshore oil-drilling company Transocean and leased by the oil company BP.
What is BP net worth?
The company has around 18,700 service stations worldwide. Its largest division is BP America in the United States....BP's headquarters in St. James's, Westminster, LondonNet incomeUS$8.49 billion (2021)Total assetsUS$287.27 billion (2021)Total equityUS$90.44 billion (2021)19 more rows
How much was the Deepwater Horizon worth?
In July 2016, BP announced Deepwater Horizon's total cost was $61.6 billion dollars. According to Reuters, however, as of September, the British oil and gas company has paid $63.4 billion in legal fees and cleanup costs.
How much did BP pay in damages?
The principal payments are as follows: BPXP is to pay the United States a civil penalty of $5.5 billion under the Clean Water Act (CWA) - payable over 15 years. BPXP will pay $7.1 billion to the United States and the five Gulf states over 15 years for natural resource damages (NRD).
How much did BP pay in private settlements?
Under the final consent decree, BP will pay the trustees up to $8.8 billion, the largest recovery of damages ever for injuries to natural resources, to restore the Gulf. The settlement includes: $1 billion already allocated during early restoration which began in 2011.
How much did BP pay for the oil spill?
How much has BP spent on the Deepwater Horizon oil spill?
In addition to about US$14 in lawsuit settlements and a US$4 billion fine levied by the US Department of Justice, BP has reportedly paid US$20 billion to settle suits brought by state governments and the federal government, as well as US$32 billion to clean up the oil spill. Prior to the incident, BP’s stock price was sitting at roughly US$59.
How much did BP lose in 2008?
Since then, BP has spent about US$70 billion in federal fines and lawsuit payouts to Gulf Coast businesses ...
How much oil was released from the Deepwater Horizon?
Previously, the company had lost roughly 45 percent of its share price value in New York between May 23, 2008, and October 10, 2008 — that fall came during the global financial crisis. The selloff in the wake of the Deepwater Horizon spill was also marked by the largest trading volumes in BP stock price history by a long shot.
Why did BP stock drop in 2021?
The Deepwater Horizon spill, considered the worst of oil spill in US history, released an estimated 3.19 million barrels of oil into the Gulf Coast over the course of 87 days before the leaking pipe was finally capped. In addition to about US$14 in lawsuit settlements and a US$4 billion fine levied by the US Department of Justice, ...
How much of the world's oil is cut by OPEC?
Melissa Pistilli - January 13th, 2021. The BP stock price has dropped due to the crash in oil prices, but that isn’t the only negative catalyst in the company’s history. The oil price has tumbled since 2014, crashing from over US$100 per barrel down to as low as US$19 in April 2020 at the peak of the first wave of the coronavirus pandemic.
How much will BP reduce production?
For its part, the Organization of the Petroleum Exporting Countries, better known as OPEC, and its partners have cut oil production by almost 10 percent of global supply. In terms of consumption, the COVID-19 pandemic is expected to impact demand well into 2021.
How much is the cleanup cost for BP?
According to a report by the Guardian, “BP plans to reduce production of oil and gas by 40% over the next decade while investing billions in renewable energy to transform it from oil major to modern energy company.”.
Did BP's "junk shot" work?
Analysts have thrown out a wide range of estimates -- from $4 billion to $25 billion -- on how hard the incident will hurt the company's bottom line.
Does BP have a cap on the oil well?
Similarly, BP's "junk shot" solution did not work, after attempts to slow the leak with garbage failed. Shares fell farther at the end of the day, after Attorney General Eric Holder announced that he has launched a criminal investigation into the Gulf of Mexico oil spill.
How much did BP stock cost in 2018?
BP is currently working on a new solution, in which robots will saw off the "lower marine riser package" on the gushing oil well, preparing for the placement of a custom-made cap on the package. But even if that cap works, it would not completely stop the leak.
How much did the Deepwater Horizon spill cost?
BP’s stock price was sitting at roughly $59 prior to the spill, and so far the company’s share price has fallen short of that mark; it stood at $44.88 as of May 2018. It has been on an overall upward trend in recent times, having traded within a 52-week range of $33.90 to $44.89.
What was the price of oil in 2016?
BP agreed to pay $18.7 billion in fines related to the spill back in 2015.
Why did the price of BP drop?
In 2016, oil fell as low as the mid-$30s for both WTI and Brent crude. But prices have experienced an upward trend, with WTI standing at $67.45 and Brent at $73.13 at the start of May 2018.
Is BP in a difficult position?
The BP stock price has dropped due to the crash in oil prices, but that isn’t the only negative catalyst in the company’s history.
Is oil market optimistic?
Major oil producers have all had to adapt to the new economic realities created by the price collapse, but BP (NYSE: BP ,LSE:BP) is in an especially challenging position due to the Deepwater Horizon oil spill.
Does BP pay the government?
Oil market optimism can still be found amongst investors despite a steady stream of bearish headlines. Andy Lipow of Lipow Oil Associates pointed to reductions in petroleum reserves and recovering demand as important indicators of a good market for the past six to 12 months, and was correct in his prediction that oil would exceed $50 in 2018.
How much did BP pay for the Gulf oil spill?
Since BP agreed to settle all government claims against the firm in 2015, the company has had the green light to expand once more. It has been selling off assets in order to raise the money for payouts, and has two decades to pay the full sum to the government, which has made these payments more manageable.
What was the BP case?
BP paid dearly for the reckless corporate culture of cost-cutting and excessive risk-taking that caused the spill: more than US$60 billion in criminal and civil penalties, natural resource damages, economic claims and cleanup costs. Indeed, from a legal standpoint, the legacy of the Gulf oil spill is the sheer size of the payout, which ushered in an era of multibillion dollar criminal and civil penalties for environmental and other corporate crimes.
What was the response to the Deepwater Horizon spill?
In 2012 the company reached an agreement with the Justice Department to plead guilty to 14 criminal counts, including manslaughter, obstruction of Congress and violations of the Clean Water Act and the Migratory Bird Treaty Act.
How many barrels of oil were spewed from the Macondo well?
In response to the Deepwater Horizon spill, Congress passed the RESTORE Act in 2012, but this served only to ensure that civil penalties paid to the federal government by BP and its partners would be shared with Gulf coast states. The law was silent about drilling safety and future oil spills. Congress also did not act on recommendations made by the bipartisan commission that President Obama appointed to investigate the spill and offshore drilling, such as increasing energy companies’ liability limits for oil spills.
What was the Obama administration's response to the oil spill?
A massive explosion killed 11 workers on the Deepwater Horizon drilling rig, and a blowout spewed more than 3 million barrels of oil from the Macondo well, located 70 miles off the coast of Louisiana. For three months the oil company, BP, struggled to contain its runaway well, which it finally capped on July 12 and permanently sealed in ...
How much did Volkswagen pay for the 2015 scandal?
The Obama administration imposed a brief moratorium on offshore drilling, reorganized the relevant offices within the Interior Department and enacted safety rules to prevent future oil spills.
How many miles of coastline did BP cover?
Volkswagen paid more than $30 billion for the 2015 revelation that it cheated on diesel emission standards by rigging software in its cars. Bank of America and JPMorgan Chase have paid billions of dollars in fines since the 2008-2009 financial crisis for misconduct that included mortgage fraud.
How much did the BP fire cost in 2010?
By that time, oil coated more than 1,000 miles of coastline in six states and covered over 40,000 square miles of the Gulf of Mexico.
When did the Deepwater Horizon sank?
From April 19, 2010, to June 25, 2010, BP’s share price came down by 55%—from $59.48 a share to $27 a share.
What happened to the Deepwater Horizon?
On April 22, 2010, Deepwater Horizon sank while the well was still active and caused the largest offshore oil spill in U.S. history. After the spill, the U.S. Environment Protection Agency (the EPA) barred BP from bidding for new work in the Gulf of Mexico and supplying fuel to the military. The ban was lifted in March 2014.
How much did RIG pay for the Clean Water Act?
On April 20, 2010, while drilling at the Macondo Prospect, there was an explosion on the rig caused by a blowout that killed 11 crew members. On April 22, 2010, Deepwater Horizon sank while the well was still active and caused the largest offshore oil spill in U.S. history.
Who sold the Macondo well?
In January 2013, RIG agreed to pay $1.4 billion for violations of the U.S. Clean Water Act. In September 2014, Halliburton agreed to settle a large percentage of legal claims against it by paying $1.1 billion into a trust.
Which companies are responsible for the XLE incident?
APC sold off the Macondo well in the Gulf of Mexico to BP. It also paid $4.0 billion to BP related to settling all claims related to the Deepwater Horizon incident. The new ruling may lead to additional penalties that could range from $5 billion to $20 billion, according to initial estimates.
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Anadarko Petroleum Corporation (APC), Transocean (RIG), and Halliburton (HAL) —the other companies primarily responsible for the incident—have already agreed to pay fines. RIG and HAL are components of the Energy Sector Select SPDR ETF (XLE) and VanEck Vectors Oil Services ETF (OIH).
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Previously, the company had lost roughly 45 percent of its share price value in New York between May 23, 2008 and October 10, 2008 — that fall came during the global financial crisis.
What is the name of the oil spill that made BP the villain?
Looking ahead, Verial believes that “things will only get worse in 2016,” for BP, noting that “ [w]hile the price of oil has bounced back, we see no such bounce in BP.”
How many workers were killed in the BP rig accident?
The horrendous Deepwater Horizon oil spill in the Gulf of Mexico has made BP ( BP) the corporate villain du jour.
How much did BP contribute to Louisiana?
Not that it's much consolation to shareholders of BP or indeed to the families of the 11 workers lost in the accident, but the stock of Transocean ( RIG ), the company that leased the rig to BP, did even worse. From peak to trough, its share price lost nearly 26 percent before recovering slightly, as BP has.
What is panic selling?
BP will have earned some goodwill, too, by opening its wallet in a hurry, contributing $25 million to the state of Louisiana to help protect its coastline, for instance. Contrast that with the lethargic, disorganized response of government bodies like the Federal Emergency Management Agency, FEMA, after Hurricane Katrina struck the same benighted part of the country.
Why did Toyota stock dive?
The panic selling seems like just that - an overreaction based on emotion and not an adjustment based on a reasonable estimate of the impact that the accident will have on BP's financial condition and reputation.
Is BP a ten bagger?
Image is more important for a company like Toyota ( TM ). The car maker's stock took a dive similar to BP's after problems with its accelerators came to light earlier this year and then recovered.
Does BP play villain?
BP may not be a ten-bagger from here, but the company remains a leader in a vital sector of the economy, and the indiscriminate selling in response to the Deepwater Horizon accident leaves it trading at a bargain price, barely six times analysts' estimates of 2011 earnings. That's far cheaper than the other three super-majors, Exxon Mobil, Chevron ( CVX) and Royal Dutch/Shell Group ( RDS-B ).
