The British Petroleum company posted record loss last quarter owing to the massive write off and provisioning for the Gulf of Mexico oil spill. That included a 20 billion dollar fund created by the company as per directions from the US President as a direct measure.
The company has been facing only negative news till August first week, but then onwards the news flow has been good. First the company successfully capped the oil spill and then came the good news of permanent sealing of the leaking pipe. So there is no way that there could be an oil spill from the ruptured well anymore.
Now there is another big good news for the company. Now there are no oil slicks fear in the entire gulf region, and in fact, the scientists and environmentalists are baffled at the disappearance of the tons of leaked oil from the ocean.
Nobody is now talking about the spilled oil, and now there are also doubts on whether the oil spill figures were over reported by the independent agencies.
As on date the cost is only eight billion dollars for BP, and the company is expected to even see some major write backs in the coming quarters. That could spell great news for the battered global oil major. The company may also get lot of offshore drilling contracts in the future from the US government, as it has responded whole heartedly as per government’s wish.
Is BP heading for windfall write backs ?