BP has had its fair share of disasters over the years, but, surprisingly, the BP net worth hasn’t suffered.
Most companies would crumble under the weight of causing a huge environmental disaster. Yet, for BP it was business as usual.
The Gulf of Mexico oil spill, otherwise known as the BP oil disaster, saw oil escape from below the ocean floor after a well blew in 2009. This caused the rig to explode, killing 11, and flooding the ocean with 3.2 million gallons of oil. Wildlife was harmed and oil still washes up on local beaches. It was a low point in BP’s history.
However, as a company with over a century of history, it hasn’t all been mistakes and misery.
BP net worth: Where did it begin?
BP started with a metre-high fountain of oil rising into the sky in the sandy mountains of Chiah Surkh, Persia. Company founder William Knox D’Arcy had almost spent his multi-million pound fortune on the search. However, he was a very rich man once again.
Despite struggling to find a buyer, the company (backed by future Prime Minister Winston Churchill) convinced the British Government to agree to a deal worth £2 million in exchange for 40 million barrels of oil. The purchase helped to fuel the navy throughout the First World War.
Oil became much more widely used over the next few decades, with vehicle prices dropping and subsequently rising in popularity. So too did aircrafts and air travel. Unsurprisingly, the BP net worth rocketed, turning BP into one of the world’s largest oil and gas companies, as it remains to this day.
Despite its recent slip-up, BP currently ranks as the sixth biggest oil company in the world. Likewise, it is in the top ten companies for annual revenue, with a turnover of $226 billion.
Unsurprisingly, BP’s value reflects its considerable earnings, with a market cap of $118.25 billion.