| Jun 15 |
BP has trillions in assets to pay billions in oil spill lawsuit claims
But BP, formerly British Petroleum, has the means to foot that bill. The world’s third-largest energy giant had net profits of more than $10 billion combined in the last quarter of 2009 and the first quarter of 2010. In fact, BP has generated over $100 billion in profits, after expenses, in the last five years. Just last year, BP had revenues of almost $250 billion, with $16.8 billion in profits. BP also owns huge oil reserves which could be converted into cash by selling them to other energy companies. How huge? The oil it owns that’s still in the ground reportedly is worth $13.5 trillion at today’s prices. |
As the cost of BP’s Gulf of Mexico oil spill grows, many of its victims, from failing businesses to fishermen and their families, may wonder if they can be compensated for their losses. After all, the bill already is in the billions, with estimates ranging from $37 billion to $70 billion.