On May 20, 2010 the Macondo Prospect exploded in the Gulf of Mexico, taking 11 lives as well as opening a sea floor oil gusher that would spew toxic oil into the ocean for the next 87 days. In total, it is estimated that 4.9 million barrels of oil flowed into the Gulf of Mexico, causing devastating consequences for the ecosystem. Who was responsible for this disaster?
After various investigations it was found that faulty operations within British Petroleum were the primary cause of the explosion and the subsequent oil spill. This unprecedented disaster did not slip by the public-eye unnoticed, and the spill made headlines throughout its 87 day lifespan.
As a result, BPs public image was destroyed and there share price dropped from 528.80 to 298 from May 20 to June 29. Although there was this extreme drop in company share price, today the company remains as one of the largest, strongest and powerful in the world. So how did BP recover from this catastrophe?
In my 4 subsequent posts I hope to answer this question.