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Hurricane batters BP shares

By
Mark DeCambre
Published June 23, 2010, 4:00 a.m. ET

BP’s US shares yesterday were battered to within pennies of their 52-week low as concern over the start of hurricane season — and the delay the storms might create in capping the gushing Gulf well — raised fears the oil giant’s liability would rise.

In London, shares of the UK-based company sank to a 13-year low amid the same concerns.

The latest fears center on the cleanup costs, which some fret could balloon as a tropical storm may morph into a full-blown hurricane and wreak even more havoc on residents and workers.

The National Weather Service said yesterday the first tropical disturbance in the Caribbean had a 40 percent chance of turning into a storm.

That news sent BP’s stock down 2.1 percent yesterday, to $29.68.

Costs related to the disaster have been mounting since the April 20 explosion of the Deepwater Horizon oil rig sent tens of thousands of gallons of oil a day spewing into the Gulf.

Estimates peg the cost to BP at about $33 million a day, or roughly $2 billion since the disaster struck. The total costs of the oil cleanup, which is expected to take months, could hit as much as $6 billion this year — and that’s not factoring delays due to a string of hurricanes.