BP vs. EXXON

Difference Between BP and EXXON

While both of them are two of the world’s largest oil companies, BP is based in London and Exxon is based in the US. While both of them are remembered for spilling oils, the oil spill by Exxon happened in 1989, while BP spilled oil in the Gulf of Mexico in April 2010. The unfortunate incident lowered the value of shares of BP about 13%, where as a there was a downfall of 4% that share value of Exxon after their oil spill in 1989. Exxon recovered from the incident; however BP is still trying to recover from the effects from the oil spill it caused.

In case BP there was widespread media coverage that went against them and as a result the public frustration and anger echoed loud and clear in the media statements. It was virtually impossible for BP to conceal any facts due to the live coverage on major international channels. However there were few news channels in 1989 and this enabled Exxon in covering up the facts easily though the spill was bigger than the one caused by BP. Internet also played a key role in propagating the news whereas there was no internet in 1989  thus Exxon had an easy way out.

BP though has been under a lot of pressure but has definitely done a better job than Exxon as far as providing explanations are concerned. Where Exxon has managed to hide the entire thing under the wraps BP has been more transparent in publicizing facts and taking ownership for the mishap. On one hand where Exxon never paid for any damages and there have been many sufferers who never got anything from Exxon, BP not only has agreed to clean up everything but has also agreed to compensate for the all the losses.

 

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