Big Oil’s not quite so big anymore.
BP, Anadarko Petroleum, Transocean, Halliburton and Cameron — all big-time industry players who had a role in the Gulf Coast oil spill — have each seen the value of their stocks drop significantly since the Deepwater Horizon explosion. BP’s market capitalization, for instance, is roughly $73 billion less today than it was before the blowout in the Gulf.The trend may very well be temporary and short term. But for now, regardless of the extent to which BP’s on the hook for footing the bill for the leak’s containment and cleanup, a couple things seems clear: These companies appear to be losing enormous amounts of money — at least as far as their long-term value is concerned. And Wall Street doesn’t seem to be very confident that they can escape this episode unscathed.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=125667