(Republished on Oct. 19 with the following disclaimer: Neil Collins owned shares in BP when he wrote this article; he bought shares shortly before and after)
The Great Debate UK
BP's deepwater debacle is shaping up as Lehman Brothers in the oil patch. The toxic ingredients that led to that Wall Street firm's implosion are abundantly present in the British energy giant's Gulf of Mexico fiasco: flawed risk management, systemic hazard and regulatory incompetence.
By Rob Cox and Christopher Swann
Eventually, BP will definitively stop the flow of oil from its deepwater mishap in the Gulf of Mexico. That's when the autopsy will begin in earnest. But if the information dribbling into the public domain proves correct, the British energy giant will be a weakened creature -- so weak it will be vulnerable to a takeover.
– Neil Collins is a Reuters columnist. The opinions expressed are his own –
LONDON, April 8 (Reuters) – BP has undergone a critical period of self-assessment over the last four years. The chairman, no less, says so in the oil company’s annual report.