There are nearly a year of investors became so nervous in the weeks following the eruption of Macondo in the Gulf of the Mexico which they briefly do lend to BP (BP). They feared that British oil giant could be crushed under the weight of tens of billions of dollars in fines, cleanup costs and payments to the families of the rig 11 workers killed and businesses affected by the worst oil spill in the history of the United States. They proved to be wrong. BP is not only still in activity, it has more cash now than before the spill. Earlier this year the company has negotiated deals for massive energy in India and Russia. And, despite opposition from some in Congress, he even resumed exploration in the deep waters of the Gulf.
BP is "showing he can get off the canvas and was still some fight left," said William k. Reilly, co-Chair of the Commission for drilling Offshore appointed by President Obama to investigate the disaster and BP Deepwater Horizon oil spill. She "made many things right," he said.
Robert Dudley, the American who became the first non-British CEO of BP, in October deserves much of the credit for the resilience of the company. He has used enormous power gain of the company to help make peace with Washington. Last June, before even the support of Tony Hayward, Dudley helped set up the Gulf Coast claims Facility Trust Fund $ 20 billion which, to date, handed out only $ 3.6 billion in scholarships to individuals and businesses hurt by the spill. At the end of 2010, BP had spent of $ 10.7 billion on the cleanup, including the costs of deployment of boats skimming floating oil booms, aircraft and crews combed the beaches and marshes of oily residues. He also promised 500 million dollars to the University on the environment of the Gulf research and support for the industries of fishing and tourism in the region. "There are few companies with the resources to do what BP," says j. Robinson West, President of the PFC Energy Advisor.
That BP was not able to do is erase the memory of the spill. The U.S. Department of Justice is considering charges of manslaughter against some managers of BP from death caused by the eruption, according to three people familiar with the case. This would be a setback to the efforts of Dudley to Polish the reputation of BP and boost its stock, offshore from 29 per cent since the disaster April 20. And the company still has enemies fail on Capitol Hill. U.S. Representative Steve Scalise (R-LA., accuses BP for the loss of 12,000 jobs by the drilling moratorium until recently interrupted new exploration in deep water. BP "hurts the rest of the industry so as to are not fair," said Scalise.
BP has the financial flexibility to weather most of the storms. Despite its heavy spill related pile of BP cash spending has more than doubled in 2010 to $ 18.6 billion. Cash free flow will probably another $ 8 billion to $ 10 billion this year to the current level of prices for oil, estimates Fadel Gheit, an analyst at Oppenheimer & Co. (OPY) in New York. Figures Gheit BP has a value of $ 300 billion debacle, making it able to finance the losses on 41 billion in costs related to the spill, he has already written. Gheit doubt BP losses will exceed this level.
As his energy company returns to something close to normal, BP 28 March resumed its quarterly dividend, which was suspended after the spill to pay. Perhaps most surprising, the company has everything to lose substantial business in the BP to the United States must a 47% interest in a site called the prospect of Santiago, which, on 28 February, received the first license, U.S. to resume drilling in the Gulf in deep waterAfter a period of 10 months stop. BP call the boat to Santiago, which is operated by energy (NBL) Noble, but it will likely influence the design issues well.
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