BP shares slump to 14-year low
BP’s woes deepened today after shares in the oil giant slumped to a 14-year low, making it the worst performer on the FTSE 100 index.
The shares collapsed amid fears of a funding crisis after the company said costs relating to the Gulf of Mexico oil spill had soared to $2.35 billion (£1.57 billion).
In a statement, the company said: “The cost of the response to date amounts to approximately $2.35bn, including the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid, and federal costs.”
Oil has been leaking into the Gulf after an explosion on a BP oil rig on 20 April, which left 11 workers dead.
Two days later, oil began to leak into the Gulf of Mexico from the damaged well and since that time, BP has been battling to contain the leak.
It managed to place a cap over the leaking oil pipe earlier this month, and is now collecting some of the oil.
However, there is speculation that the BP may have to seek extra funds to pay for costs relating to the disaster.
Since the time of the explosion, the company’s share price has more than halved – wiping about $90 billion off the value of the company.
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