Wednesday, June 23, 2010

BP's Oil Spill Costs in Gulf Accelerating -- Next Stop: $3.0 Billion

British oil major BP (BP-$29.68) said response efforts toward the oil spill in the Gulf of Mexico – including containment, relief well drilling, grants to the Gulf states, and payment claims – had soared to approximately $2 billion so far, up from $450 million on May 13.

Sanford C. Bernstein Ltd. expects the bill to rise to $3.5 billion by the time relief wells are scheduled to stop the flow of oil and gas from the sea floor in August.

Will BP bankruptcy talks resurface if the company can't turn the corner - and capture more oil than what's spilling into Gulf waters?

Editor David J Phillips does not hold a financial interest in any stocks mentioned in this article. The 10Q Detective has a Full Disclosure Policy.

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