Update 1: Talk About..
Hat-tip Propublica I hear Oppenheimer’s analyst Fadel Gheit, has a couple of related points..
1. In the year before the accident, BP aggressively cut costs. A reorganization stripped 5,000 jobs from its payroll, saving BP more than $4 billion on operations..
2. On April 27 BP told investors that its quarterly earnings were up more than 100 percent over the last year, beating expectations by a large margin.
Remember the date — the 27th — during which time (concurrently) BP boasted how their improved performance had both impressed S&P investment rating agency and superceded the industry’s growth expectations. We can guess how the folks most influenced by the performance word were those oblivious to field foulups (Prudho Bay.. anyone.!)