The company said Monday that the total cost of the Gulf oil spill had already risen to $3.5 billion. And while it's too early to estimate the final costs associated with the spill, analysts have pegged the tab at $20 billion to $40 billion. Some even believe the total cost could come in near $100 billion.
BP has already paid $165 million to settle individual claims and agreed to set up a $20 billion escrow fund to absorb further damages. It's also suspended its dividend to conserve cash.
But that's not enough. With costs soaring, BP said in June that it is looking to raise at least $10 billion through asset sales in the next 12 months. With that the run on BP's assets commenced.