Wednesday, May 04, 2011

Think and then re-think

At first glance you might think, wow what crappy year for BP.

WASHINGTON — BP will pay $25 million in civil fines to settle charges arising from two spills from its network of pipelines in Alaska in 2006 and from a willful failure to comply with a government order to properly maintain the pipelines to prevent corrosion, federal officials announced on Tuesday.

The fine is the largest per-barrel assessment ever levied against an oil company in a spill case and represents a new blow to BP’s corporate treasury and reputation.

But then you look around and think, nah not really.

Bolstered by soaring crude oil prices, BP reported a 17 percent increase in first quarter profit to $7.1 billion and sought to convince investors that it was coping with the costs of the massive oil spill in the Gulf of Mexico last year.

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