BP.... Back in Profit

Discussion in 'Energy' started by California Girl, Nov 3, 2010.

  1. California Girl
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    California Girl BANNED

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    As I said months ago, BP has not gone bankrupt, as so many of my fellow Americans so desperately wanted. Quite the opposite, they're fine. Which in turn means their shareholders are fine. I'm glad that the millions of ordinary people who own BP stocks as part of their portfolio will not have their lives ruined.

    Oil giant BP has announced a return to profit in the three months to September after last quarter's record loss.

    The firm said its replacement cost profit for the period was $1.85bn (£1.15bn), as against the $17bn loss recorded from April to June.

    The previous loss reflected the massive costs of the Gulf of Mexico oil spill crisis, which followed an explosion on a drilling rig in April.

    BP said the cost of the oil spill had now risen by $7.7bn to $39.9bn.

    Bob Dudley, who led the clean-up, became BP's chief executive last month.

    He replaced Tony Hayward, who was criticised for his leadership during the crisis.

    BP said the $39.9bn cost of the oil spill included $20bn set aside under pressure from the US government for compensation payments.


    BBC News - BP back to profit after oil spill
     
  2. Mr. H.
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    Mr. H. Diamond Member

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    :thup:
     
  3. JiggsCasey
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    Special lulz for the over dramatic assertion that shareholders' lives are "saved from ruin." ... yeah, as if diversification isn't a trademark of any sane share holder.

    It's easy to claim you're "back in the black" when 1) the price of gas is up a quarter since then, 2) you bill one of your subsidiaries for part of your losses, and 3) you announce plans to sell off $30 billion of your own assets by the end of the year.

    Any way you, or the your heroes at BP, care to spin it, ... all this does is show how Big Oil's fortunes are vital to a global economy desperate to keep feeding the beast. If we learned anything from the Exxon Valdez, it's that the oil giants are untouchable for a paradigm that can't exist without the assumption of "more tomorrow."

    Unfortunately for them, there is no "more tomorrow," evidenced by the fact that they went through all this trouble to desperately tap into a pool of 55 million barrels (16 hours of global energy) a mile under the sea bed. Zzzz... Evidenced by the fact that ANWR has been revised DOWN to 10% of what they originally lied about... Evidenced by the fact that investors are walking away from shale and tar sands projects, left and right.... And evidenced by the fact that we occupy Middle Eastern nations for 7 years for the express purpose of taking what's left of their natural resources.

    So, yeah, Anne. You can gloat all you like. But it doesn't change the fact that Big Oil is terminally ill, unless they coordinate on a Marshall Plan for alternatives. And they're too greedy and arrogant to ever do that. Just like their loyal little followers are who are ever faced with the prospect of "conservation."

    Odd that the word "conserve" is so radioactive to "conservatives."
     
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    Last edited: Nov 3, 2010
  4. Revere
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    None of America's global competitors are moving away from fossil fuels.
     
  5. rdean
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    rdean rddean

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    You forgot to mention the families that lost a husband, a brother, a son or a father. Not that I would expect anyone on the right to care. After all, they had BP to worry about. And BP is more important. After all, it's a company.

    But things are looking up. The Republican who apoligized to BP on behalf of the Republican Party will probably become the new chairman of the Energy Committee. Who knows? Republicans may even get to block any reparations from BP and move the cost to the middle class where they believe it belongs.
     
  6. JiggsCasey
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    JiggsCasey VIP Member

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    Not willfully. But it's inevitable.
     
  7. Revere
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    Name one global competitor who is backing away from the exploration of new sources of fossil fuels.
     
  8. Big Black Dog
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    Big Black Dog Gold Member Supporting Member

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    I'm glad. I'd hate to know that they are charging almost $3.00 for a gallon of gas and not making any money.
     
  9. JiggsCasey
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    Do you have a reading comprehension problem? I just said they're not willfully moving away in their desperate search for it.

    That does absolutely nothing to prove we haven't reached peak. Discoveries peaked 40 years ago, and production has flatlined since 2004. What do you think that means?
     
  10. Revere
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    I think it means a handful of industrialized nations desirous of knocking the US' block off can't be wrong.
     

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