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BP ends grim year


BP ends grim year


BP was happy when 2010 came to an end. It was the energy giant’s worst ever with the explosion on its deepwater Horizon rig in the Gulf of Mexico in April.

The blast and collapse of the rig into the sea killed 11 men, injured 17 others and created the biggest oil spill in US history.

It also splashed over onto the share price as Greg Smith, Managing Director of investment advice company Fat Prophets, explained: “A lot of investors were getting nervous because BP is such an important company – one of the top companies in the FTSE 100. Also very important because they’re a dividend payer.”

The shares in London lost over 50 percent of their value, from 6.58 pounds just before the explosion to 2.96 pounds just over two months later.

Since then the shares have picked up to 4.73 pounds, but BP’s problems will last long into the new year.

It has already put aside the equivalent of 30 billion euros to pay for the clean up, but the US government is suing over environmental law violation which could mean billions more in fines.

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