Passport

Two years after the Gulf of Mexico oil spill, BP's business is booming

Two years ago today, British Petroleum's Deepwater Horizon offshore drilling rig exploded, causing the largest oil spill in U.S. history. Though BP reached an "estimated multibillion-dollar settlement" with lawyers representing individual and business plaintiffs in the 2010 Gulf of Mexico oil spill, the Gulf Coast is strill struggling to recover from the disaster. Fish are dying, Louisiana's seafood industry is reeling, and Gulf Coast residents and cleanup workers continue to experience health problems tied to the spill.

After taking measures such as sacking then-CEO Tony Hayward, running an aggressive advertising campaign throughout the region, and settling on the multibillion-dollar payout, BP continues to shower the Gulf Coast with goodwill. According to Mike Utsler, president of BP's Gulf Coast Restoration Organization, the company is still spending "millions of dollars" on the cleanup operation, and even offering guided tours of the recovery efforts.

Millions of dollars, of course, is just a drop in the bucket for BP, which Forbes recently called "one of the greatest corporate survival stories in history":

"Since last year BP has risen a remarkable 379 spots to 11th place in The Forbes Global 2000 survey. Key to the climb is a return to profitability in a big way. In 2010 BP took a $41 billion charge against earnings, giving shareholders their financial whipping all at once rather than dribbling it out over years. In 2011 BP reversed the previous year's $3.3 billion net loss, posting $26 billion in income, with promises of a further profit surge in the years ahead, thanks to high gasoline prices and a new slate of projects coming online."

One of the 15 new projects that BP plans to bring online by 2015 is its first post-spill well, Kaskida, located 250 miles southwest of New Orleans. If anything goes wrong, one hopes CEO Bob Dudley won't be as insensitive as his predecessor.

BEN STANSALL/AFP/Getty Images

Comments

Load More Comments