BP Spilled $5 Billion In Losses Last Year

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]

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  1. Mr. Fix-It says: "Canadian Bacon is best bacon!" says:

    That reminds me:

    When do nominations normally open for WCIA?

  2. Cheap Sniveler: Sponsored by JustAnswer.comâ„¢ says:

    How much are they spending in advertising dollars to tell us how wonderful they are and that everything is all cleaned up?

    http://www.nwfdailynews.com/articles/destin-36665-commercial-video.html

  3. Blueskylaw says:

    “BP Spilled $5 Billion In Losses Last Year”

    Well someone has to come in last place. Maybe they can borrow some money from Exxon, who reported PROFITS (not revenue) of $9,000,000,000 (BILLION) dollars last quarter
    (not last year).

    Though I still get teary eyed when I listen to the gas and oil companies say how they will suffer mightilly if incentives and tax credits get taken away.

  4. wonderkitty now has two dogs says:

    Good. They fucking deserve it. I feel bad for “innocent” stockholders, but shame on anyone who didn’t dump them when BP dumped oil on my homeland and tried to short all the working people every inch in could.

    • Loias supports harsher punishments against corporations says:

      They are stockholders for an oil company. I think they are beyond innocence. You go in knowing that it’s an unsavory (but profitable) business.

      • wonderkitty now has two dogs says:

        Touche.

        Fuck ‘em all.

        And I love your user name.

      • Nigerian prince looking for business partner says:

        “They are stockholders for an oil company. I think they are beyond innocence.”

        Is it possible to have even a modestly diversified retirement portfolio that doesn’t have at least some oil companies within its funds? Outside of cash and t-bills, virtually every fund is going to have some amount of gas, mining, and energy investments.

    • smartmuffin says:

      Uh, immediatley after the spill would have been the absolute WORST time to sell BP stock. In fact, the aftermath of the spill was an excellent buy opportunity!

  5. Ben Popken says:

    BP also just reinstated its dividend.

    • Hoss says:

      Dividends come from retained income. That income was obviously from past years. Why not give back to investors that have not abandoned ship?

    • DH405 says:

      Of course! Now that they’ve put all that spill nastiness behind them, it’s all profits and bonuses from here on out!

    • SonicPhoenix says:

      At 7 cents on a stock trading at $47 it’s not much of a dividend. Around 0.5% if I’ve calculated correctly. Almost not worth having one at that rate. My guess is that this is a token gesture to appease the stock holders while maintaining a defensible position to the general public by saying, “Look really, it’s not a lot of money being disbursed to shareholders compared to the billions we’ve set aside for cleanup and restitution.”

  6. smartmuffin says:

    For the record, all publicly held companies are supposed to be “profit-machines.” Some just do a better job at it then others.