BP's Oil Spill Costs May Be Up to $33 Billion
Despite the escalating cost, the report said there's little chance that the company's U.S. division will be bankrupted. Still, the rising expense is taking its toll on the company. "We think it likely BP will experience a slight recovery as the leak is stopped," the London-based analysts wrote. "After that, however, we remain skeptical on the long-term prospects for BP."
The company's U.S. stock Wednesday rose nearly 4%, or $1, to finish at $32.95. The shares have lost half of their value from their high right before the Deepwater Horizon offshore rig exploded and began spewing an estimated 60,000 barrels of oil a day into the Gulf. Wednesday's stock-price increase came on news that the company is making progress with its relief wells.