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In exchange for secure oil supplies for its ships, the British government injected new capital into the company and, in doing so, acquired a controlling interest in APOC. The contract that was set up between the British Government and APOC was to hold for 20 years. The British government also became a de facto hidden power behind the oil company.
BP is the fourth-largest investor-owned oil company in the world by 2021 revenues (after ExxonMobil, Shell, and TotalEnergies). BP had a market capitalisation of US$98.36 billion as of 2022, placing it 122nd in the world, and its Fortune Global 500 rank was 35th in 2022 with revenues of US$164.2 billion.
According to a group representing the plaintiffs, the deal has no specific cap; BP estimated that it would pay approximately $7.8 billion. BP says that it has $9.5 billion in assets set aside in a trust to pay the claims, and the settlement will not increase the $37.2 billion the company budgeted for spill-related expenses.
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Sure, there are legal fees to pay, clean up costs to cover and lawsuits to settle, but oil companies know how to minimize ... Sign in. Mail. 24/7 Help. For premium support please call: 800-290 ...