Oh, boo-hoo! BP investors will not be heartened by the unexpectedly severe loss Europe’s second-largest oil company experienced over the three-month period that ended June 30, as the company had already been lacking performance-wise
July 31, 2012

bp_drip

Oh, boo-hoo! BP investors will not be heartened by the unexpectedly severe loss Europe’s second-largest oil company experienced over the three-month period that ended June 30, as the company had already been lacking performance-wise lately. BP reported a loss of $1.4 billion, which it chalked up to a delayed Alaska project, the United States’ taking advantage of its shale gas assets, and $4.8 billion in write-downs on some of their refineries. “This is a very, very disappointing set of results; they missed across all fronts by a wide margin,” said one London oil analyst. BP’s CEO, Bob Dudley, is struggling to perform under the weight of problems he inherited from predecessor Tony Hayward after the Deepwater Horizon oil spill.

More at the NYT.

Can you help us out?

For nearly 20 years we have been exposing Washington lies and untangling media deceit, but now Facebook is drowning us in an ocean of right wing lies. Please give a one-time or recurring donation, or buy a year's subscription for an ad-free experience. Thank you.

Discussion

We welcome relevant, respectful comments. Any comments that are sexist or in any other way deemed hateful by our staff will be deleted and constitute grounds for a ban from posting on the site. Please refer to our Terms of Service for information on our posting policy.
Mastodon