BP Oil Spill: Company Loses $25 Billion In Market Value

NEW YORK — BP shares tumbled more than 8 percent Thursday, and the company has lost roughly $25 billion in market value since an offshore rig it hired in the Gulf of Mexico exploded last week and started spewing huge amounts of oil.

Eleven workers are missing and presumed dead following the disaster on the Deepwater Horizon, and a huge oil slick is creeping closer to land. Estimates of the amount of oil gushing from the seabed have risen to 5,000 barrels per day – five times what was originally thought.

BP shares fell Thursday as the situation seemed to be getting worse. Experts said the oil may reach shore by Friday, and President Barack Obama said BP will be responsible to pay for the cleanup.

Transocean Ltd., the oil services company that owned the Horizon, has lost about $4.35 billion in market value since the explosion.

In Thursday trading, BP shares gave up $4.78 to close at $52.56. Transocean lost $6.32, or 7.5 percent, to end at $78.51.

Comments

[stevedvorak]

06:00 PM on 05/23/2010

Get BP to listen! Texas Inventor Steven Dvorak has contacted Texas Governor Rick Perry and Louisiana Governor Bobby Jindal, along with numerous Congressmen and federal agencies to get the SQUID (Super-Quick Undersea Incident Device) in the water, but BP just keeps giving them the run-around! BP keeps re-directing calls to the same unresponsive hotlines and websites, which, in the weeks since the disaster, have never even acknowledged this vital information.
Save our wildlife and the future of oil and Make British Petroleum listen! Call them at [phone] for their idea line or [phone] for their press line to get them to listen! Flood their phone lines with requests for the SQUID! We can stop the destruction of our wetlands and oceans!
Help us now!! We must get BP to listen before it's too late!
British Petroleum has refused all attempts at contact from inventor Steven Dvorak. They are wasting valuable time!!!! For more info on the SQUID, go to http://newworldinnovations.com/squid.aspx

[EmilyRose2010]

10:27 AM on 05/21/2010

kick bp to the curb and bring obama with them. all losers.
obama especially should have come forward weeks ago, worried about big busines, huh, mr president?

[Michelle Farrar]

02:35 AM on 05/19/2010

BP needs some help in their goal of getting beyond petroleum, it seems. Or the future will leave them behind, like many mammoth companies that have fallen, like Enron.

This stock dip though, is partially attributed to the worldwide market volatility as paradigms change. Translation: There was a slump this week. Solar stocks affected too, heading down towards "buy" kind of prices.
http://www.facebook.com/pages/DONT-GAS-UP-on-JULY-4-AMERICAN-INDEPENDENCE-from-BRITISH-PETROLEUM-DAY/126319207380198?ref=ts , and take an energy-smart action instead.

[wrightlawsuit]

09:03 AM on 05/07/2010

Piggy Oil Companies:
I do not think oil companies clean up the oil because they care about the environment. I think they just want the oil back! When gas went up in the 90s, Clinton responded “It looks like someone is playing politics.” HOW DARE THESE OIL PIGGIES HOLD OUR PRESIDENTS AND THE AMERICAN ECONOMY HOSTAGE WITH THREATS OF ECONOMIC SABOTAGE!

Piggy Banks:
But there is a bigger spill on the horizon my friend. This spill is going to effect every coast line in America. It is called the GREAT FORECLOSURE SPILL! It will also keep bubbling. HOW DARE THESE PIGGY BANKS HOLD OUR PRESIDENTS AND THE AMERICAN ECONOMY HOSTAGE WITH THREATS OF ECONOMIC SABOTAGE!

Have you seen the little piggies
Crawling in the dirt
And for all the little piggies
Life is getting worse
Always having dirt to play around in.

Have you seen the bigger piggies
In their starched white shirts
You will find the bigger piggies
Stirring up the dirt
Always have clean shirts to play around in.

In their ties with all their backing
They don't care what goes on around
In their eyes there's something lacking
What they need's a damn good whacking.

Everywhere there's lots of piggies
Living piggy lives
You can see them out for dinner
With their piggy wives
Clutching forks and knives to eat their bacon.

I AM FIGHTING BACK!

Unitedlawgroup.com
John Wright vs. BofA

[RaMona Liza]

07:22 PM on 05/03/2010

Yep this is an environmental disaster, but it really sad to see that no one seems to care that people on the rig died.

[Lloyd Cata]

09:39 PM on 05/01/2010

A lot of finger-pointing all around in this latest disaster for the US. The security of the US is under threat by Islamic extremism, the US economy is under threat by the extreme greed of Wall Street, and the US workers and environment are under threat by lack of industrial regulation. The American people are captive to the consequences of corruption and manipulation on all 3 fronts. It cannot be understated that given the size of the government and its responsibility for these areas, the US government has failed, and that failure has evolved over many years, only to be confronted by the present occupant of the White House, the present Congress, and the present Supreme Court.

Too often, in recent national and international endeavors, failure has been rewarded instead of punished. There is no time like the present for the people to make clear that they are finished with the failure of government and the failure of Wall Street. The financial success of the few cannot be weighed against the financial losses of the many.

As this oil spill is a stain on the American environment and its people, so it is that these corporations without regard for our lives are a stain on humanity itself. Their complete disregard of the consequences of their actions is being revealed daily in every aspect of their 'business' dealings. Indeed, what was hidden is now revealed.

[Rubiconski]

04:33 PM on 04/30/2010

British Petroleum goes down in flames!

Good riddance!

[QueenMaeve]

01:22 PM on 04/30/2010

BP's loss of 26 billion as of now sounds pretty rough - until we read that they're talking about market share value. Stock prices will eventually bounce back, so that number is of little importance to me. I'd be interested to read estimates on the *actual* losses. How much will the lost rig cost? How much value does the oil now spewing into the gulf have?

The more important question, though, is: How much will this cost others? It's already robbed 11 families of their loved ones. This company made over 6 billion net *profit* during the FIRST quarter of this year. Will they accept responsibility for this disaster or will they tie up the victims in appeals for decades? The cleanup is going to be ongoing for many years to come. The fishing industry will be destroyed. The tourism industry along Gulf-coast towns will be impacted. After all, who wants to go on vacation and smell the stench of burnt crude? Will BP compensate the fisheries or ride off into the sunset, leaving them to suffer the consequences of their greed?

[Lloyd Cata]

10:01 PM on 05/01/2010

First they have to calculate how much bonus money they should pay their honchos to cover up their negligence, then they'll have to figure out how much to pay off the politicians to keep operating the same way they have been, and finally the cost of the army of lawyers they will employ to keep from paying until the litigants settle for pennies on the dollar or die from the misery and poison of their polluted environments.
This too shall pass, and with it a large part of the culture and economy of the Gulf Coast states. You can rest assured that BP will return to 'record profits' before the last beach is cleaned up. It's the people who pay for freedom, while it is the capitalists who use it to enrich themselves. Surely a parasitic relationship supported by a system we still refer to as Democracy. Perhaps it is time to redefine what that means, and whether it has much relevance in todays America.

[FarOutFish]

12:41 PM on 04/30/2010

It surely will cost BP far more than 25-Billion before this is over.

[Eustace Phembertakin III]

01:42 PM on 04/30/2010

Are you kidding? First off BP is well insured. Second it wasn't their platform or blow out valve that failed. Thirdly even the Exxon Valdez cost was only about 3 billion.

Figure it will cost them no more than $1 billion. In other words about two weeks profits. Which they will probably recover because the price of oil will shoot up.

[Garioch]

08:32 AM on 05/01/2010

You're generally right enough in there but they've been pushing the line for years now that another U.S. disaster which they were eventually found responsible for could sink them. It's all going to come down to who ends up wearing the blame and if a significant amount of that ends up on BP's doorstep which initially looks unlikely bot possible then the game could be over for them

[Derek Spisak]

12:37 PM on 04/30/2010

LONG on Proctor and Gambel... (Dawn dishwashing detergent)

[lammassu]

12:24 PM on 04/30/2010

Oh no! This is terrible! We need to hold a charity drive to save the corporate oil mogul! I can't believe some of the horrible things people are saying about this poor defenseless corporation. I mean, get out of the 19th century people, the Supreme Court has recognized the inalieble rights of corporations defended by the constitution as our founding fathers intended and still they're blamed for all that's wrong with the world. Was it Blackwater's fault that a bunch of innocent Iraqi citizens were slaughtered by hired mercenaries? Was it Goldman & Sachs fault that our economy took a nose dive? Was it Halliburton's fault that their infrastructures are shoddily built? Was it Walmart's fault that illegal immigrants are in their employment? You people can be so heartless! Yet still you go on with your obsession about the unemployed, our natural resources, the declining value of the dollar, and your socialist health care reform. Like these are the people that need help! Get your priorities straight people! Remember we are a nation of the corporation, for the corporation and by the corporation.

[uncc49er]

12:15 PM on 04/30/2010

Just remember that BP and the market will make the consumer to pay for this mess by increasing the price of fuel. And, I bet you , around October and November the gas prices will go under $2.00.

[Red Dragons]

12:15 PM on 04/30/2010

Has Queen Sarah made any public statement re: this issue? Us hopey-changey people want to know her expert opinion.

[JPWright]

12:00 PM on 04/30/2010

Just great, our taxes will be spent to clean this mess up and BP will charge us more for oil, thus, gasoline at the pump to make up for their losses....guess that leaves the tax payers screwed??? But will we hear from the “Drill Baby Drill & “Tea Baggers,” probably not, they’ll figure out a way to blame Obama??

[William Young]

11:51 AM on 04/30/2010

Glad, BP needs to lose all the money they can here in the states, with their safey record violations!