From left, ExxonMobil chairman and CEO Rex Tillerson, Chevron chairman and CEO John Watson, ConocoPhillips CEO James Mulva, Shell Oil president Marvin Odum and BP America chairman and president Lamar McKay testify on Capitol Hill in Washington on Tuesday, June 15, 2010: Haraz N. Ghanbari / AP
By Vivienne Walt Tuesday, Jul. 13, 2010
Who would want BP? Perhaps one of the least-loved companies in the world right now, the energy giant is spending more than $30 million a day trying to clean up its catastrophic oil spill in the Gulf of Mexico. And that figure could pale in comparison with its legal liabilities for the Deepwater Horizon rig explosion if judges rule against the company in the dozens of lawsuits that have been filed in U.S. courts.
Despite all that, there have been rumors in recent days that BP’s biggest rivals are circling the company for a possible takeover or merger, even as its public image is surely at one of the lowest points in its 102-year history. The speculation began on July 11, when Britain’s Sunday Times newspaper published an article saying that both Chevron and ExxonMobil had sought clearance from U.S. officials to explore a possible deal with BP, valuing the company at about $100 billion. The paper quoted an unnamed source in the oil industry as saying, “There have been talks at a high level.” (See pictures of people protesting BP.) read more
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