In May 2010, a powerful blowout and deadly explosion occurred on an oil platform in the Gulf of Mexico owned by British Petroleum pic (BP), resulting in a massive oil spill. With the likelihood that rich fishing grounds, hundreds of kilometres of shoreline, and vital wildlife breeding areas would be severely contaminated, the potential cost of the containment and cleanup work was enormous. In addition to the physical restoration costs, there was the possibility that the livelihoods of thousands of people—from shrimp-boat operators to beach-resort workers—would be disrupted for years to come. At the time of writing, lawsuits against BP totalling billions of dollars were being threatened.
Required:
Review BP's group/consolidated financial reports issued from June 30, 2010, onward and prepare a summary of the company's handling of the liability issues related to this incident.