While we denounce the practices of British Petroleum, it was the warning shot that shook the oil giant. But can we quantify in dollars a tragedy that slowly eradicates an entire fauna and flora?
BP has once again reaffirmed that it was too early to quantify the final cost of the disaster. During Friday's session, the stock fell to an all-time low.
Les Echos (with agencies)
BP shares fell to their lowest level in 14 years on the London Stock Exchange on Friday, as investors feared the British oil giant could be forced to raise more funds to finance the cost of the worst oil spill in history. the United States.
The market value of the British oil company has thus melted by 100 billion dollars (81,3 billion euros) since the start of the ecological disaster on April 20, a drop which now exceeds 50%. Analysts at brokerage Nomura point out that the group has yet to prove that it has enough cash to continue operating. "L he significant reversal in both credit performance and stock volatility is a sign that the market is worried about a possible short-term credit incident with BP “, they explain in a note. "Given the high cost of debt and the time required for asset disposals, we believe that financing linked to the issuance of shares - perhaps with the support of a sovereign wealth fund - could be an attractive solution. short term“, they add.
A spokesman for BP (whose chief executive Tony Hayward is currently in Britain for a series of meetings with investors) assured the group had enough funds to cover the cost of the disaster and denied a rumor market that BP is seeking bankruptcy protection. "We have massive firepower to meet all the costs as they rise“said the spokesperson.
Latest estimate
Between the expenses incurred to contain and clean up the oil, the drilling of relief wells, the aid paid to the coastal States, the damages already reimbursed, the sums paid to the federal authorities, the sums paid to the coastal States and to the fishermen, etc., BP incurred expenses of $2,5 billion, according to the estimate, provided on June 25. At the end of May, the British oil group had estimated its expenses at 930 million dollars, the sum covering the cost of the attempts made to stem the disaster, the sums paid to the coastal States and to the fishermen.
The British oil group repeated in passing that it was too early to quantify the final cost of the disaster. How high will the bill go? The question is still today to know what will be the financial consequences of the collective actions in justice. According to analysts, they could go up to several tens of billions of dollars. Credit Suisse has already mentioned a sum of 37 billion dollars. A compensation fund of 20 billion dollars will be devoted to compensating the victims of the oil spill, but this sum does not constitute a ceiling.
The oil still continues to flow into the ocean and has already sullied more than 200 km of coastline.
Listen to the audio interview with R. Vially, geologist at IFP: “We cannot envisage a total moratorium on offshore»
Consult the slideshow «Oil spill: story of a disaster»
source: Les Echos
Further information :
Tsrinfo.ch: Oil spill: BP stock price momentarily hit 14-year low in London
Le Figaro.fr: BP at its lowest in 14 years on the stock market
RtlInfo.be: BP share price slumps again as cost of oil spill swells
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