"Cleanup Costs and Lawsuits Rattle BP’s Investors"

"BP shareholders are fleeing the company’s stock amid growing uncertainty about the ultimate bill for cleanup costs, lawsuits, fines and damage to the oil giant’s reputation.

BP’s shares fell an additional 15 percent on Tuesday, as investors reacted to news that the latest effort to stem the gushing oil in the Gulf of Mexico failed over the weekend. It is the steepest drop in shares in about two decades. ...

Since the Deepwater Horizon drilling rig exploded April 20, the company has lost a third of its market value, or about $75 billion."

Jad Mouawad and John Schwartz report for the New York Times June 1, 2010.

See Also:

"Special Report: Inside BP's War Room" (Reuters)

"Gulf Oil Leak Sets off 'Unbelievable Array' of Legal Issues" (USA TODAY)

"BP Clashes With Scientists Over Deep Sea Oil Pollution" (Guardian)

"BP Revised Permits Before Blast" (Wall St. Journal)

"Gulf Oil Spill Clips $100 Billion from Value of Connected Outfits" (Wall St. Journal)

Source: NYTimes, 06/02/2010