100 Days Later: BP Down $70 Billion in Market Cap
One hundred days after the massive oil leak in the Gulf of Mexico, the future of BP is yet to be determined.
Since April 20, when BP's Deepwater Horizon oil rig exploded, the company's market cap value has plummeted $70.3 billion, or about 59 percent, as of Tuesday's close.
While BP and the federal government struggled to stop the estimated 35,000 to 60,000 barrels of oil discharged into the gulf each day, the company's shares hit their lowest level since 14 years, closing at $27.02 on June 25. At that point, the market cap loss of BP stood at $104.7 billion, or about 124 percent of the company's value before the explosion.
Since June 25, however, BP shares are up 40.6 percent, but still down 59 percent from where they closed on the day the spill began.
Even though BP successfully lowered a containment cap over the leaking well, replaced CEO Tony Hayward with a new chief executive Bob Dudley (effective in October), and set aside $32.2 billion for costs related to the spill, the repercussions of the greatest environmental disaster in American history will haunt the company for a long time.
The table below depicts how BP shares, and other companies impacted by the spill, have performed since that tragic day on April 20:
Source: CNBC Analytics and Thomson Reuters
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