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BP claims to have spent over 350 million so far on the spill

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panader0 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 08:45 AM
Original message
BP claims to have spent over 350 million so far on the spill
and I'm sure that's just the beginning and doesn't even count the loss in business and environmental
damages. It makes that 500,000 dollar safety valve look pretty cheap now.
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thereismore Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 08:46 AM
Response to Original message
1. Nah, that's just the cost of oil that they "lost" in the "spill". nt
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Statistical Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 08:52 AM
Response to Reply #1
5. No the oil is much less
5000 bpd * 19 days * $76 per barrel = $7.2 million.

Crazy thing about oil.
Value of oil: $76 per barrel
Cleanup cost of oil: $3600 per barrel (per BP numbers).
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thereismore Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 11:13 AM
Response to Reply #5
15. Wow. I was only joking, but you are right. How do they even put a number on cleanup costs.
It's like saying we cough up this much cash and your seashore will be like it never happened... NOT!
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Statistical Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 11:46 AM
Response to Reply #15
16. That is good point.
You can never get it back to the way it was no matter how much was spent.

Still the 350 million is only so far. Total cost will be couple billion easy.
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Walk away Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 08:46 AM
Response to Original message
2. That sounds like a lot of money to spend on PR and congressmen. . .nt
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ZombieHorde Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 08:49 AM
Response to Original message
3. BP looked to bankers as an example and handed out nice bonuses to all involved. nt
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WhiteTara Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 08:52 AM
Response to Original message
4. Sure they have, in the PR department. n/t
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old mark Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 08:54 AM
Response to Original message
6. Does that count the executive bonuses? nt
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cbdo2007 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 08:57 AM
Response to Original message
7. Maybe this will put BP out of business. We're still just at the tip of the iceberg....
in regards to how much $$$ this whole thing is going to cost them.
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AllentownJake Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 09:09 AM
Response to Reply #7
10. Not fucking likely
More likely is they are bailed out.

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havocmom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 09:10 AM
Response to Reply #10
11. AJ, do you have their profits for recent quarters handy?
Thinking billions and billions, but I am old and my memory is not what it used to be. ;)
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AllentownJake Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 09:13 AM
Response to Reply #11
14. Have to take a look at the Income Statement
Edited on Tue May-11-10 09:14 AM by AllentownJake
Given the industry, I'm pretty sure they have plenty of money hidden in Switzerland and the Cayman Islands both in corporate and personal accounts.

Hope it is in fucking Euros as that currency goes to hell. Moving it or exchanging it right now would cause "attention"
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Statistical Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 11:50 AM
Response to Reply #11
18. Here is the public disclosure.
http://www.google.com/finance?q=NYSE:BP&fstype=ii

Annual data (2009):
Revenue: $245 billion
Income before Taxes: $25 billion

Balance sheet:
Current assets: $67 billion (assets which can be liquidated quickly)
Total Assets: $236 billion
Shareholder Equity: $101 billion (assets minus liabilities/debt)
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AllentownJake Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 12:42 PM
Response to Reply #18
19. Well I say we get us them current assets
67 billion seems about right for the first year cost of this mess.
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Javaman Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 09:06 AM
Response to Original message
8. I said it before...
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x8264000

"Be prepared now for the excess spin and rebranding of BP, followed by a paltry amount of "good will" in the example of "helping out the fishermen" in some vein.

Then as the story is shuffled out of the headlines, the "good will" will vanish, the PR machine will go into overdrive using thinly based "evidence" that BP is "fixing" things in the gulf."
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AllentownJake Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 09:08 AM
Response to Reply #8
9. The dickens you say
Kind of like US Government response to Katrina!

Well at least they learned from the best!
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havocmom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 09:13 AM
Response to Reply #8
13. Didn't they offer fisherman $5K IF they would sign releases, right off the bat?
They want their PR cheap too. Toss a few crumbs at soon-to-be-starving peasants and go on their merry way.

Frankly, I want every decision maker in that company to fear ever showing a face in public again.
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joeybee12 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 09:10 AM
Response to Original message
12. Probably just on PR and execs cashing out stock options before the stock plummets...n/t
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Horse with no Name Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-11-10 11:48 AM
Response to Original message
17. They are counting their lost profits
and I am sure since ineptness seems to trigger executive bonuses, that has been done as well.
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