BP’s brand value sinks dramatically
BP has been leaking $72m (£45.1m) worth of brand value every day since its Deepwater Horizon rig exploded and started polluting the Gulf of Mexico in May, according to Brand Finance.
The brand valuation consultancy says BP’s brand value fell by 61% to $4.7bn (£2.95bn) by late June after the offshore spill.
The petroleum company’s poor handling of the disaster culminated in chief executive Tony Hayward stepping down last week following weeks of criticism from the US government and lobby groups such as Greenpeace.
Brand Finance predicts the company could rebrand its US operations under new chief executive Bob Dudley, possibly reverting to the AMOCO brand.
Before the explosion on 20 May, BP’s brand was ranked 53rd in the Brand Finance top 500 brands with a value of $12.2bn (£7.6bn).
