While BP PLC (NYSE ADR: BP) closed in this week on finishing relief wells to permanently plug the oil spill, stormy weather threatened to delay the final steps as clean up crews were called in to shore.
BP capped the blown-out Macondo well last week and has been conducting pressure tests to ensure the cap's strength. A relief well is close to completion but work has been halted until the storm passes. All work could be stopped for 10 - 14 days if the area is evacuated.
While the leak may finally be close to plugged, the financial aftermath is far from over. Corporate entities and the U.S. government continue to point fingers at each other.
BP Bites the Bullet: Analyzing the Full Cost of the Gulf Oil Spill
The Exxon Valdez dumped 260,000 barrels of oil off the coast of Alaska, and ExxonMobil Corp. (NYSE: XOM) ended up spending about $4 billion in the wake of that disaster. That means Exxon spent nearly 600 times more on cleanup and litigation than what the oil was actually worth at that time.
So how much will BP PLC's (NYSE ADR: BP) Gulf oil spill, which is significantly greater, set it back?
The fact is, it's still impossible to know exactly how much BP will have to cough up to cleanse itself of this crude fiasco without knowing the full extent of the damage caused. But the picture is getting a little bit clearer each day the cleanup effort wears on.
With Oil Prices in the Stratosphere, Bidding Battle Ensues for Expert on Deep-Sea Exploration
By Jennifer Yousfi Managing Editor The higher crude-oil prices climb, the deeper in the oceans it becomes worthwhile for exploration companies to drill. So it's no surprise a bidding battle is under way for deep-water-drilling expert Expro International Group PLC (PINK: EXPRF), of the United Kingdom. On Friday afternoon, a private-equity consortium headed up by [...]