– The value of BP stock yesterday touched a new low in nearly 14 years on the London Stock Exchange, after the British oil group revealed it has spent over 2,350 million dollars fighting the oil spill in the Gulf of Mexico.
BP’s stock ended yesterday with a loss of 6.35 percent. After such a collapse, BP has lost nearly half its market value since the beginning of the spill in April when its capitalization was at 180,000 million dollars.
“Many investors giving up on BP since it has grown from a solid dividend paying cash cow to becoming a high risk gamble” said David Morrison, an analyst at GFT. “It is impossible to get even a vague idea of what will ultimately be a liability for the company”, Said Morrison.
The British group reiterated that it is too early to calculate the final cost of the biggest ecological disaster in U.S. history.
Last week, BP announced the creation of an fund, so far, with $20,000 million dollars to pay compensations arising from the oil spill. To do this, the first measure was to suppress dividend payments BP would pay this year.