Surprise, BP Partners Are Sticking By Its Side

Devon Energy Corp. signed a $500 million joint venture with BP on Tuesday, not letting the spill spectacle scare them away. Same goes for other business partner, reports Houston Chronicle.

We’re not at all surprised. It’s the same story as when SEC fraud charges for Goldman Sachs caused a lot of righteous indignation and suggestions that reputational damage would have major impact on the company’s bottom line. Although Goldman’s case isn’t in the bag yet, we haven’t noticed a major — or any — decline in their business.

With Goldman Sachs and BP, it was never clear what said company did differently from the rest of the industry. Didn’t JPMorgan trade in complex derivatives and bet against clients?

As for the oil industry, BP, Exxon and the rest used literally identical Gulf of Mexico oil spill response plans, all filled with laughable errors (like how to rescue walruses from a region where they don’t exist). BP’s controversial, corner-cutting well design? It was approved by Anadarko, and it was at least tacitly approved by partners Halliburton and Transocean. This suggests BP was not behaving very differently from everyone else.

BP and Goldman may be the most hated companies in America. But their business is just fine.*

Don’t miss: 20 Things You Should Know Before You’re Even Tempted To Invest In BP
*though lawsuits could be dangerous…

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