SHORT BP (and go long detergents)

lvader

The slick continues to shrink, pretty much every forcast done by the NOAA has improved. The lastest forecast shows the slick to be around half the size it was.

http://response.restoration.noaa.gov/book_shelf/1897_TMF24-2010-05-02-1200.pdf

1echidna

Deepwater Horizon oil spill: BP chief faces

Washington grilling

Tony Hayward meets US politicians and regulators as criticism of oil giant's reaction to well blow-out mounts

Questions have been raised about whether BP should have installed a secondary cut-off valve and why the company had not installed a so-called "acoustic switch" on the blowout preventer, which is on the seabed and designed to stop pressure from the oil well damaging the drilling rig, so it could be activated remotely.
Fishermen, who are watching their livelihoods destroyed by the spreading oil slick, have been asking why the retaining booms that are supposed to hold back the oil were deployed so late and in too widely spread an area, while some environmental campaigners have complained that they are being kept away from the coastline as BP picks its own contractors to deal with the oil as it washes ashore.

http://www.guardian.co.uk/environment/2010/may/03/deepwater-horizon-oil-spill-bp-washington-grilling

This will be interesting drama.

1echidna

Satellite images show oil spill breaking apart
By MALCOLM RITTER (AP) – 1 hour ago
UNDATED — The latest satellite image of the oil slick in the Gulf of Mexico indicates it has shrunk since last week. But scientists say that only means some of the oil has gone underwater.
Hans Graber of the University of Miami Center for Southeastern Tropical Advanced Remote Sensing said Monday the new image found oil covering about 2,000 square miles. The slick was roughly 3,400 square miles last Thursday.
Graber says the apparent shrinkage came about because some of the oil that had been visible at the surface has been mixed into the water, as strong winds have kicked up waves.
The new image also shows that patches of oil have begun to break away from it. But it's not clear when any sizable amount of oil will reach land.

http://www.google.com/hostednews/ap/article/ALeqM5iYUEeZOwnq92vo3xkmZoe2FrUZFAD9FFKNL04

1echidna

Why the BP oil spill surpasses the limits of loyalty

BP is spearheading the cleanup, but the environmental effects notwithstanding, it may be too little too late. An update of our Customer Loyalty Engagement Index shows that BP has fallen from 1st place to last, with current brand rankings looking like this:

1. Texaco
2. Sunoco
3. Chevron
4. Mobil
5. Exxon
6. Shell
7. BP

And as loyalty assessments correlate very highly with positive consumer behavior and sales, it should come as no surprise that BP's stock market value has declined by roughly $25 billion since the accident.

http://www.utalkmarketing.com/pages/Article.aspx?ArticleID=17537&Title=Why_the_BP_oil_spill_surpasses_the_limits_of_loyalty

macca64

Craig12 wrote: »

Nope, oil is NOT an everlasting source. Why do you think they are tinkering with battery operated cars? Hmmmm. Look into something before you assume that someone is lying. Don't be afraid, oil will outlive you, very easily.

Tinkering with battery operated cars :rotfl:, they already have them, however they are nothing new, just improving on old technology, milk floats have batteries and have been around for years!!

As to everyone saying the shares will drop in price, you do realise even if you are not a direct shareholder it will indirectly affect you, due to the large number of pension funds that will have invested in BP.

I'm a long term shareholder, and will not be selling, I'll continue to enjoy my dividends being reinvested in shares, until I decide at a later stage to take the income!

lvader

BP did quite well today, finishing higher in London than the New York close. Most other shares tanked.

1echidna

macca64 wrote: »

Tinkering with battery operated cars :rotfl:, they already have them, however they are nothing new, just improving on old technology, milk floats have batteries and have been around for years!!

As to everyone saying the shares will drop in price, you do realise even if you are not a direct shareholder it will indirectly affect you, due to the large number of pension funds that will have invested in BP.

I'm a long term shareholder, and will not be selling, I'll continue to enjoy my dividends being reinvested in shares, until I decide at a later stage to take the income!

I am well aware that BP is an important UK company. Little point in not saying what you think though.

Whilst BP/Transocean were, in fundamental terms at least, only doing what regulators expected and others in the industry do, there will be many gunning for them on the basis that it was a flawed approach, and they should have known this.