Profit-machine BP took a $4.9 billion loss last year, thanks to an oil spill you may have heard about. The setback snapped the oil giant’s 18-year streak of turning profits, but the loss isn’t so bad when you consider the company set aside $40.9 billion into the Gulf of Mexico so far to clean up the spill.
The Guardian reports the company is selling off half its U.S. refineries and still managed to crank out 7 cents-per-share fourth quarter dividends.
We can only speculate that the reason BP is selling off so many refineries is not really to recover its losses and focus on exploration, but to disqualify itself from Worst Company in America competition.
Court order halts BP talks with Rosneft [The Guardian]