BP Announces $17 Billion Loss in Second Quarter

[Nathanael]

BP not only announced the end of Tony Hayward's reign today, but also that it took a severe financial hit this past quarter.


Announcing its quarterly financial report today, oil giant BP (NYSE:BP) revealed it lost US$17 billion during the last quarter.

The fact the company took a loss is not very surprising considering the scope of damage caused by its oil leak in the Gulf of Mexico. The oil disaster almost certainly led to the massive loss the company took -- BP reported that the Gulf of Mexico oil leak left the company with a US$32.2 billion charge (this includes the $20 billion compensation fund BP set up).

Link: http://www.energyboom.com/policy/bp-announces-17-billion-loss-second-quarter

[Lucian]

1. Good.

I hope they lose a hell of a lot more. I want to see the company go bankrupt.

[zeaper]

3. Be careful what you wish for

If BP goes bankrupt they will not spend in the gulf, and there will be a lot more of our tax dollars spent there.

[kgrandia]

4. So spend

The money on something else that doesn't cause the largest environmental disaster in the history of the United States.

[FBaggins]

2. Where's my tiny violin smilie? n/t