Should You Consider BP Stock?
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BP is an integrated oil and gas company. The firm provides its customers with fuel for transportation, energy for heat and light, lubricants, and the petrochemicals products used to make items like paints, clothes, and packaging. It operates in two business segments: exploration and production, and refining and marketing. BP provides energy products to consumers and companies worldwide. Without the oil and gas products provided, many consumers and businesses would not be able to operate on a daily basis.
BP is due to begin the second phase of its trial regarding the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. BP could be facing fines between $2.7 billion and $18 billion depending on how much oil is determined to have leaked from the spill and whether the company is found guilty of gross negligence. According to a report from The New York Times, the government is accusing BP of dumping 4.2 million barrels of oil into the Gulf over 87 days, but BP will argue it was only about 2.45 million barrels. This phase of the trial will also scrutinize whether BP was properly prepared for the spill and whether the company acted quickly enough after the explosion that caused it.