Friday, February 4, 2011

BP: What a difference a year makes

I've just begun reading "Oil: Money, Politics and Power int he 21st Century" by Tom Bower.
The book was completed in mid-2009 and published later that year. In it Bower wrote, "After two ground-breaking takeovers, a successful rebranding of BP as an environmentally friendly corporation, and big oil strikes in the Gulf of Mexico, there were rumors about Browne (BP CEO) seeking a merger between BP and Shell to claim Exxon's crown as the world's largest oil producer." (p.5.)

Where is BP today? Earlier this week the UK's Guardian newspaper reported on the company's troubles in Russia, where an injunction is preventing growth plans. Adds the February 1st news story, "The developments overshadowed BP's annual results, which were also unveiled today. The company announced a loss of $4.9bn for the year, its first loss for 19 years because of the Gulf spill costs. The estimated cost of the spill has risen by $1bn to $40.9bn."

What a difference a year can make!

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