2010/07/21

bad news since giant oil spill

3. BP admits on May 21 that it underestimated how much oil was leaking. The company was unable to say just how much was spilling but said it was more than its previous estimate of 5,000 barrels. The White House said it was nearer 60,000.

4. BP's share price fell four per cent the same day as the United States administration accused it of covering up the seriousness of the spill. BP denied it was being secretive about the damage as it was announced that £28bn was wiped off the company's market in the month since the explosion.

5. On June 1 it was disclosed that BP had been given permission to drill in the Gulf of Mexico after submitting documents promising it was equipped to deal with a spill 10 times larger than the current leak. It was further embarrassment as the oil company struggled to contain the spill spewing an estimated 19,000 barrels into the ocean daily.

6. Tony Hayward, BP's chief executive, was vilified on 2 June for saying he would "like [his] life back" in a comment widely viewed as tactless given that 11 workers had been killed. He apologised.

7. It was later revealed that £12bn was wiped off BP's value that day as news spread that Barack Obama was due to launch a criminal investigation into the company's handling of the oil disaster. Hayward had a difficult appearance in front of Congress as a result.

8. Mr Hayward caused consternation on 19 June when he spent the day sailing off the Isle of Wight as confusion raged over who was in charge of the clean-up operation.

9. Company reportedly tied to shut down a satirical Twitter account set up in its name. Memorable tweets included: "We regretfully admit that something has happened off of the Gulf Coast. More to come," and: "Surprised ourselves by getting emotional today on the coast. Turns out the wind blew dispersant in our eyes."

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