BP’s quarterly earnings disappointed investors, as it wrote down assets in America by $5 billion. The figure was much higher than had been expected and called into question last year’s statement by Bob Dudley, BP’s boss, that it had “turned a corner” after the Gulf of Mexico oil spill.
-via The Economist
The statement by Mr. Dudley is supposed to reassure people that BP has changed course since the oil spill and that the new direction is a positive one for the company and investors. It’s a strange phrase to use and in this context it brings to mind a poor decision abandoned but it also implies leaving familiar faces and places, which it often seems is the trouble with banking and oil companies. This picture captures the sentiment quite well. It remains to be seen what BP will do differently or if they’ve simply discovered another blind alley.