One year since the Macondo accident, BP's equity has fallen about 23% in US dollar terms, implying value destruction of $82B, says Citigroup. It thinks $22B is directly attributed to tangible accident costs, so "the debate for investors is whether the other $60B of value loss is an intangible cost of the spill or an investment opportunity."
One year since the Macondo accident, BP's equity has fallen about 23% in US dollar terms, implying value destruction of $82B, says Citigroup. It thinks $22B is directly attributed to tangible accident costs, so "the debate for investors is whether the other $60B of value loss is an intangible cost of the spill or an investment opportunity." Citi notes BP is shifting strategy into potentially high-impact frontier exploration in Brazil , India and perhaps Russia . However, the downside is the long lead-time to judge any success, "a period in which growth looks anemic, capex is rising and profitability is under pressure."
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