Factbox: BP's oil spill challenges

HOUSTON/LONDON (Reuters) - BP's blown-out well in the Gulf of Mexico has caused the worst oil spill in U.S. history and has raised questions about the future of the oil giant.

The following is a look at how the spill has weighed on the company so far and how it could continue to affect its business:

MARKET Capitalization

BP, which was Britain's largest company by market value at the time of explosion on the Deepwater Horizon rig, has seen its market capitalization fall about 36 percent to 75.2 billion pounds ($114.9 billion).

PRODUCTION

BP pumped 4.0 million barrels of oil equivalent of oil and gas in 2009 -- more than any other non-government controlled oil company in the world.

The spill will hit BP's ambition to increase output 1 to 2 percent in the coming years.

BP has said disruption due to the spill would knock more than 1 percent off next year's output and this week agreed to sell fields that pump 2 percent of its total output as it seeks to raise cash to pay for the spill.

Citigroup expects disposals to reduce output by 5 percent.

CASH PILE: AROUND $45 BILLION

BP expects cash flow of $30 billion to $40 billion from operations this year, $18 billion of which is reserved for capital investment.

BP agreed to sell Apache Corp $7 billion in assets this week and has invited offers for Asian gas assets worth $1.7 billion. BP sources have said more assets could be sold.

BP said last month it had undrawn bank lending facilities of $10 billion and sources familiar with the matter said it had secured another $7 billion in recent weeks.

OIL SPILL LIABILITIES:

Analysts have estimated $20 billion to $70 billion, with:

-Cleanup costs of $6 billion to 9 billion

-Compensation to victims of $14 billion to 22 billion

-Fines and punitive damages awards of $3-$37 billion

-Other actual and potential costs, including grants to

states, commitments to research and legal fees,

which could run to several billion dollars

COST TO BP

BP will bear 100 percent of the costs to related to the spill if its partners in the field are successful in their claim of "gross negligence" on the part of BP. If they fail, BP will be responsible for 65 percent.

BP is expected to offset most of the costs against tax. With a forecast 34 percent average tax rate, this could reduce the hit to the BP's balance sheet by more than a third.

Analysts have speculated BP may not seek tax relief on all costs, similar to Boeing, which declined to seek a deduction for any of a $615 million settlement with the government in 2006 over ethics charges after it was pressured by lawmakers.

Analysts at Morgan Stanley estimated the disaster could also reduce the value of BP's Gulf of Mexico assets by $16 billion to 24 billion.

BP'S WORTH

Analysts have said:

- Oil and gas fields - $142 billion to $220 billion

- Refineries, renewable energy, other assets:

$31 billion to $62 billion

LEADERSHIP:

Many BP investors have said they want BP leadership to change.

Chief Executive Tony Hayward runs the company on a day to day basis, with Chairman Carl-Henric Svanberg technically Hayward's boss, although his non-executive role is part-time.

Possible successors to Hayward:

- Bob Dudley, head of oil spill response

- Iain Conn, head of refining unit

- Andy Inglis, head of exploration and production

BP struggled to replace the previous chairman last year and investors expect the next search will also be fraught.

(Compiled by Tom Bergin; editing by Karen Foster)

($1=.6544 Pound)