A flurry of responses, negative and positive, emerged in the aftermath of the release by BP (NYSE:BP) of their report stating the causes which led to the destruction of the Deepwater Horizon oil rig, and resultant release of oil and gas into the Gulf of Mexico.
Citigroup (NYSE:C) liked what BP had to say: “The report is not enough to give visibility on the eventual cost of this episode to BP but it demonstrates that BP is vigorously contesting that they were guilty of gross negligence, which would lower the range of cost outcomes.”
It seemed the market in general liked the report, and BP and other major oil companies rose after the contents of the report were released.
The report basically said a series of failures led to the accident, including systemic, mechanical and human failure.
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