BP has sold off $75 billion of assets to cover unprecedented government fines, private damage claims and legal bills. It has retooled facilities, ousted two top executives and been lucky with the ups and downs of oil prices.
Eight years ago, the oil giant BP was struggling to cap an out-of-control exploration well that was gushing oil into the Gulf of Mexico. Tar balls had washed ashore on the Texas coast. A flotilla of boats was trying to skim or burn oil from the water’s surface.
"The company has transformed itself. It's a tighter, more compact company than it was," Dudley said in a recent interview, adding that BP had brought online seven major projects last year and would add six more this year -"more projects than ever in our history." But the company persevered. And over time, BP - which suffered a string of accidents including a major refinery explosion in Texas - overhauled its facilities and gave every employee the power to stop an operation if safety were at stake.
Now years later, scientists and other experts are still monitoring the condition of the gulf, and lawsuits related to the past 300 claims for economic damages continue. BP has stayed committed to the deep waters of the Gulf of Mexico. Its net production climbed to 304,000 barrels a day of oil and oil equivalents in 2017, up 20 percent in three years though still below the level at the time of the spill. The company also owns unexplored acreage there.
Although it was a rocky relationship with the Russian partners, it was also a lucrative one, earning BP billions of dollars in profit. Eventually, BP sold its share of the venture to Rosneft for nearly four times as much as it had invested. In return, BP received a 19.75 percent share of Rosneft, the Russian state-run oil company. In 2017, dividends from its stake in Rosneft accounted for 7 percent of BP's pretax and pre-interest profit.
Now the company is dipping its toe back into renewable energy, but not as a manufacturer. Instead, BP is investing small amounts in young technology-oriented firms such as Freewire, which works on charging electric vehicles faster.
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