BP - Where Did it All Go Wrong? by Paul Andrews

Author:Paul Andrews
Language: eng
Format: epub
Tags: BP, oil, ecology, environment, spill, deepwater
ISBN: 9781849891509
Publisher: Andrews UK Limited 2010
Published: 2010-07-01T00:00:00+00:00

Mr. Hayward later made public apologies for his various statements. BP Chairman Carl-Henric Svanberg also made a statement to reporters which also did not go down well with the public - he said ‘I hear comments sometimes that large oil companies are greedy companies who don’t care. But that is not the case in BP. We care about the small people.’

It could be said that the reputation of BP could have been less damaged if the public relations had been handled better. BP would still have had to make good, and nothing in reality would have changed what happened - nor would the environmental consequences of the spill been any different, but clearly the PR surrounding the incident was not handled in a great way.

The biggest effect on BP itself - apart from the money it now finds itself having to pay both immediately and in the coming years - has been the fall in its share price which has approximately (at time of writing) halved from the price before the crisis. This will ultimately have a very bad knock on effect on pension funds in both the UK and the USA as around 40% is owned by UK pension funds and a similar figure by USA pension funds. The irony being that whilst it is undeniably a terrible tragedy to have happened, the USA public turning on the company has in fact had a bad knock on effect to their own pension funds in the USA.

Chapter 6

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