|Published:||Dec 29, 2010 5:34 PM EST|
|Updated:||Dec 29, 2010 2:34 PM EST|
NEW YORK (AP) - As the Gulf oil spill gushed out of control, BP's financial liabilities seemed big enough to sink the company. No more.
Cleanup, fines, lawsuits, legal fees and damage claims will likely exceed the $40 billion that BP has publicly estimated, according to an Associated Press analysis. But they'll be far below the highest estimates made last summer by legal experts and prominent Wall Street banks.
BP will survive the worst oil spill in U.S. history for several key reasons: it has little debt; its global businesses are forecast to generate $26 billion next year in cash flow from operations; the environmental impact of the spill isn't as bad as feared; and the government seems unlikely to ban BP from Gulf drilling.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
- Cape Police find child living in deplorable conditions
- Deputies confiscate handgun from students at Alva Middle
- Lee County judge rules in favor of son in life or death case
- Ford logo creates close call for FGCU men's basketball team
- FGCU WINS!
- Cape PD: Man buys iPad with stolen credit card
- Police video of Bieber's urine test released
- Teens arrested with gun at school were searched Wednesday
- Suspect shoots at Cape Coral residence
- Cape Coral Police shoot 'aggressive' dog on SW 6th Ave.