BP engineer called doomed rig a 'nightmare well'

  • Thread starter Thread starter |3illy the |&lt
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|3illy the |&lt

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http://news.yahoo.com/s/ap/20100614/ap_on_bi_ge/us_gulf_oil_spill_washington



terrible company

Especially when taken with the fact they had a horribly inadequate response plan full of errors.
http://news.yahoo.com/s/ap/20100609/ap_on_bi_ge/us_gulf_oil_spill_sketchy_plans

And survivors said the day of the explosion BP told Transocean in an argument to switch from Mud to Salt Water to drill faster rather than safer
http://www.cnn.com/2010/US/06/08/oil.rig.warning.signs/index.html?eref=igoogle_cnn
 
waiting for their stock to drop some more... then ill be buying as much of it as i can
 
then ill buy some from you all... the worlds most successful companies are there for a reason. If wal-mart, coca cola, GE, etc had a huge huge disaster all of them including BP will full recover at some point
 
Like Lehman Bros., GM, and AIG?

Sometimes big companies fail. Sometimes the government bails them out when they shouldn't (GM).

In this case I don't think the US will bail out BP. With the amount the Brits have tied up in the company...they might though.
 
Why would we do that?
It is a foreign company.

My 2 cents?

We kick BP off our soil. I don't care if it takes an act of congress... actually, I think it would do quite well as an act of congress.

That well that BP was drilling was on LEASED ground from the US government. Shouldn't be too difficult to refuse to renew any existing leases and make it illegal for the company to do business on US ground.
 
The OIL companies make the companies you listed look like little school girls selling lemons.
 
true, some big business do fail ( which i wish happened more) but as much as people hate big business() they are addicted to low prices and the services. only one of the three companies in your example have an actually product which the average person can touch and see. See what happens if peoples big macs and double cheeseburgers start disappearing
 
You can add the market caps of the three companies he listed and theyd be a fraction of BP, combined. He has no concept of how big BP is.
 
Oh, so BP's too big to fail?

I understand how big the company is....that doesn't mean they're infallible.
 
All arguing aside, when I heard Shlumberger bailed on them, I knew there was going to be safety violations involved. Kiss of death, as it were.
 
BP's value on 4/20/10 the day of the explosion closed at 60.48, today they're at 30.67.

That's a significant drop already. I'm not saying they're going to absolutely collapse, but a full recovery isn't a certain thing given their significant liability on this thing.
 
Given the days events...

http://www.reuters.com/article/idUSTRE65D4T120100614

from the other article.


If BP was indeed arguing with Transocean about the switch to salt water from heavier mud....the very same day they decided to bypass the costly procedure from Schlumberger.....
Makes the story rather complete.

Sounds like they all got together on the rig. After ignoring haliburton's suggestion to use more centralizers....they didn't want to test the CBL as a precaution. Schlumberger realized that the rig was dangerous and got out of dodge while BP was arguing with Transocean about switching from heavier mud to salt water.
 
Nobody is too big to fail but after being destroyed in the Market they still have a market cap of around $100 billion. So their current accident related bill is barely 1% of that. They pay $10 billion a year in dividends, they can easily afford to pay to repair the issues. Money talks.
 
So why was it stupid to list large companies that did fail?

He implied that BP would rebound because it's such a large company....I said there are examples where large companies fail that are quite recent.

You started jumping in about market caps.
 
nice ninja.

That doesn't mean they're going to have a healthy recovery...this spill has exposed many of the faults of BP on cost cutting. Something which may have influenced such large dividends.

I'm not saying they're 100% going to fail...but a full recovery isn't something that's guaranteed.
 
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