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Update 1: Talk About..

May 4, 2010

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which time (concurrently) BP boasted how their improved performance had both impressed S&P investment rating agency and superceded the industry’s growth expectations.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.!)

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