BP shares fell sharply again yesterday, cutting a further $12bn from the company's market capitalisation, as it struggled to deal with the impact of the oil spill in the Gulf of Mexico.
The spill threatens BP with a bill for the clean-up, compensation and damages that has been estimated at $8bn, and has done incalculable damage to the company's reputation in the US.
Tony Hayward, BP's chief executive, did the rounds of US news programmes yesterday, repeating the group's promise to meet all “legitimate” claims for damages. “It is indeed BP's responsibility to deal with this, and we are dealing with it,” he told National Public Radio. “We will absolutely be paying for the clean-up operation.”
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