Macondo was thirty percent of BP's revenue and with the other asset sales this company CAN NOT and WILL NOT generate the kind of profits that it once did (unsafely I might add). The people buying this do not understand that this will float around for awhile but long term this is going down.
The Macondo well was in operation for only a few months, BP only owned rights to Macondo for a few years. Why do we have to read such absolute nonsense on these boards?
"On 7 October 2009 the Transocean Marianas semi-submersible rig commenced drilling, but operations were halted at 4,023 feet (1,226 m) below the sea floor on 29 November 2009, when the rig was damaged by Hurricane Ida. The Transocean Deepwater Horizon rig resumed drilling operations in February 2010"
The explosion was in APRIL. There is no way this well accounted for 30% of BP's huge revenues.
I don't think a lot of people fully realize just how cash strapped BP really is..
They SPENT more than they made in profits already on this mess.
Companies like that do not retain previous year(s) profits and just keep them under their mattress.
When something like this happens, they don't have $30-$40 billion sitting there in petty cash they can meet head on. They have to liquidate!
P is doing just that. That is why even the $20 Billion for the Spill trust fund is being paid in installments..
Never mind the $8 billion or so they already spent in the clean up effort.