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BP posts $17bn loss after oil spill

Hoplite

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BP posts $17bn loss after oil spill - Business - Al Jazeera English
BP has reported a record quarterly loss of $17bn in the wake of a major oil spill that it has been trying to stop for months with limited success.

The company also announced it planned to sell assets worth up to $30bn over the next 18 months and cut its net debt to between $10bn and $15bn in that period.
Ouch. I cant say I'm stunned but I cant help but feel a small sense of satisfaction. Sloppy business practices rarely cost businesses what it should and in this case, it might cost BP everything.
 

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Hoplite

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Yes. satisfaction that there is 17b less to pay for damages. Awesome! :thumbs:
Not a perfect ending, if I had it my way I'd confiscate and sell any US based BP assets to pay for the damage.
 

Hoplite

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Personally the difference between those two philosophies is the difference between poop and crap, both stink. ;)
Just out of curiosity, how much have you actually looked into these ideas?
 

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Not a perfect ending, if I had it my way I'd confiscate and sell any US based BP assets to pay for the damage.

So, even though BP is paying for the clean up costs... you would seize all their assets to pay for the clean up costs? What on Earth would be the point of that?
 

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So, even though BP is paying for the clean up costs... you would seize all their assets to pay for the clean up costs? What on Earth would be the point of that?
Insurance.

Alot... :thumbs:
Ah, Im sure.

Tell me what's the difference between the two, in summary, in your own words. thanks.
Stripping away the specifics, Communism is a collective governance and distribution of resources by a central government whereas Socialism is governance and distribution of resources via a group of citizens who are not of the political class. In both cases, the goal is to create a class-less society where the basic needs of all citizens are met and where the profit motive is no longer a driving force in society.
 
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Gipper

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Socialists and communists don't believe in property rights. What a shock.

Personally, if I was the CEO of any company operating in Venezuela that Chavez tries to expropriate, I'd take a sniper rifle to Caracas and do the world a favor.

I'd take back a couple golf courses too, while I'm at it.
 

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Insurance.

What indication exactly has BP given you that they are not going to pay damages? They already put up $20 billion, and now are preparing to make more available..seems to me that a company planning not to pay would not take such steps.
 

Hoplite

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What indication exactly has BP given you that they are not going to pay damages? They already put up $20 billion, and now are preparing to make more available..seems to me that a company planning not to pay would not take such steps.
A confiscation of US-based assets would ensure that if BP decides they've paid enough. Either way, we have assurances of at least partial payment.
 

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A confiscation of US-based assets would ensure that if BP decides they've paid enough. Either way, we have assurances of at least partial payment.

We have those assurances anyway, since if BP is ordered to pay damages and refuses, the US can then seize their US assets anyway.
 

Hoplite

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We have those assurances anyway, since if BP is ordered to pay damages and refuses, the US can then seize their US assets anyway.
Call it a proactive approach
 

NolaMan

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Call it a proactive approach

I call it an illegal approach...

The only precedent for doing that would be if there is a legitimate concern that these assets are going to be transferred out the country.. I can hardly think you can argue that effectively.
 

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Insurance.

Ah, Im sure.


Stripping away the specifics, Communism is a collective governance and distribution of resources by a central government whereas Socialism is governance and distribution of resources via a group of citizens who are not of the political class. In both cases, the goal is to create a class-less society where the basic needs of all citizens are met and where the profit motive is no longer a driving force in society.



So the ends are the same, the proccess is one calling themselves government, the other not calling themselves government?


Semantics, The Difference maker! :thumbs:
 

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So BP has posted 17bn in losses from the spill, 32bn in costs for cleanup, and 20bn for the escrow account, this totals to 69bn. BP has total assets of 240bn, making their debt to net worth ratio about 1/3. They face a very real threat, gulf coast operations account for a large percentage of their profits. If they decide to liquidate various operations around the world and then a deep water drill ban is still in place they will be looking at bankruptcy.

However, BP is responsible for a lot of pensions in the UK and thus we could be looking at UK's very own too big to fail.
 

The Dane

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So BP has posted 17bn in losses from the spill, 32bn in costs for cleanup, and 20bn for the escrow account, this totals to 69bn. BP has total assets of 240bn, making their debt to net worth ratio about 1/3. They face a very real threat, gulf coast operations account for a large percentage of their profits. If they decide to liquidate various operations around the world and then a deep water drill ban is still in place they will be looking at bankruptcy.

However, BP is responsible for a lot of pensions in the UK and thus we could be looking at UK's very own too big to fail.
 

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So the ends are the same, the proccess is one calling themselves government, the other not calling themselves government?


Semantics, The Difference maker! :thumbs:
I realize it's less black and white than you are used to, but it's an important distinction to make.
 

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Yes. satisfaction that there is 17b less to pay for damages. Awesome! :thumbs:

Unfortunately, I don't feel the slightest satisfaction in all of this. If BP goes down, they won't be able to pay for any additional cleanup costs/additional spill damage that may arise.
While I wouldn't jump for joy to see BP fold, I'd have to say it's their own fault. Had they taking the proper safety measures and not tried to cut corners none of this would have happened.

My wife asked me during this tragedy what I thought was the difference between BP folding and GM's problems prior to receiving a gov't bailout. My reply: safety, lost of life and environmental damages.

Losing a few thousand jobs due to lofty or irresponsible business practices doesn't equate failure to not follow safety precedures which cost people their lives as well as their livelihood.
 

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No its not.
I realize that's a standard response from someone with such a binary view, but since you havent really demonstrated that you have a grasp on the subject, I dont know how much good trying to flesh out the concept to you would do.
 
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