According to Fortune, BP is ranked number four on its annual Global 500 Most Profitable list. Based on 2009 data, BP made $16,578 million in profits, and the oil giant is going to need every penny. The cost to repair (if that’s even possible) the worst oil spill in U.S. history is running into the billions, which means BP’s profits for 2010 may not be as rosy.
“BP has already spent billions of dollars to clean up the disaster, and has canceled shareholder dividends for the rest of 2010. The company has also established a $20 billion fund to compensate businesses impacted by the spill as civil and federal criminal investigations continue.”
Who knows if BP will retain its fourth place ranking as the Most Profitable company… but I hope not. The company should experience a set back for the damage it has caused to the Gulf of Mexico and Gulf states. “Business as usual” should not be an option in this case.