BP - off the hook ? ...and a BUY ?

StevieJ

artha wrote: »

Anyone know (or know how to find) which UK UT/OEIC funds have a significant exposure to BP?

I should imagine most had significant exposure in the past, where they stand now would be interesting to know, I doubt there is anything real time out there.

sabretoothtigger

Possible 60bn cost to BP is apparently the worst case scenario though some suggest the entire company be seized by regulators, that sounds more like something chavez would do then obama for the moment anyway

May 26 (Bloomberg) -- Daniel Riesel, principal at Sive Paget & Riesel PC, talks with Bloombergs Betty Liu and Adam Johnson about the potential costs faced by BP Plc resulting from the oil spill in the Gulf of Mexico. Riesel also discusses BP's efforts to contain the leaking oil, the potential lawsuits facing the company and the outlook for its market value. (Source: Bloomberg)

http://www.youtube.com/watch?v=4ftRgCJlZNo


The thing with exxon was it occured in a mostly non populated area. Ironically I think will do less ecological damage but cost more in costs to people and business

1echidna

Read more: http://www.dailymail.co.uk/news/worldnews/article-1281605/Gulf-Mexico-oil-spill-BP-use-robots-risky-kill-op.html#ixzz0p3I1sAt1

In the face of this kind of emotion I can't understand why the share price is holding as well as it is.

Old_Slaphead

sabretoothtigger wrote: »

Possible 60bn cost to BP is apparently the worst case scenario though some suggest the entire company be seized by regulators, that sounds more like something chavez would do then obama for the moment anyway

Presumably there's a shedload of Americans on the share register - bet they're chuffed to bits too.

Other downside of all this grief is that petrolhead Yanks will have to start paying a lot more for their fuel and more of it will be coming from politically unstable areas

StevieJ

Old_Slaphead wrote: »

Presumably there's a shedload of Americans on the share register - bet they're chuffed to bits too.

Other downside of all this grief is that petrolhead Yanks will have to start paying a lot more for their fuel and more of it will be coming from politically unstable areas

I seems like shale gas is the new star in town, should leave more of the oil for the petrol heads, or even run run their cars on real gas

The 'shale gale' sweeping across North America the past few years has more than doubled the size of the discovered natural gas resource in North America — enough to satisfy more than 100 years of consumption at current rates, according to a major new analysis of the leading unconventional gas plays in North America by IHS Cambridge Energy Research Associates (IHS CERA).

http://www.engineerlive.com/Oil-and-Gas-Engineer/Production_Processing/Shale_gas_can_be_a_%26%23039%3Bgame_changer%26%23039%3B_for_North_America%26rsquo%3Bs_energy_future/22584/

worldtraveller

Some people down in Louisiana, including political consultant James Carville, clearly aren't very happy with Obama over this whole issue!

http://www.youtube.com/watch?v=lO1lO1CVkTE

sabretoothtigger

In the face of this kind of emotion I can't understand why the share price is holding as well as it is.

Its a big share and a global company. Alot of the owners will be pension funds and they move slow. The company is valued at 25bn less then it was previously, the worst case cost is 60bn so it could keep dropping.
Sentiment does tend to go to the extremes, I still hear now how obama is a secret suicide bomber or news by chinese whispers I would hope sense prevails really but its not certain of course

http://www.youtube.com/watch?v=ouKJixL--ms

sabretoothtigger

Apparently they are doing the topkill -

http://www.youtube.com/pbsnewshour




Uploaded with ImageShack.us

http://www.bp.com/liveassets/bp_internet/globalbp/globalbp_uk_english/incident_response/STAGING/local_assets/images/TopKill_5-21_1a_large.jpg

Embed wrote: »

Robot time!

97trophy

http://www.youtube.com/pbsnewshour?feature=ticker


PBS (a US tv station and very left wing) is running a live feed of the leak.

worldtraveller

Several days before the explosion on the Deepwater Horizon oil rig, BP officials chose, partly for financial reasons, to use a type of casing for the well that the company knew was the riskier of two options, according to a BP document.

The concern with the method BP chose, the document said, was that if the cement around the casing pipe did not seal properly, gases could leak all the way to the wellhead, where only a single seal would serve as a barrier.

Using a different type of casing would have provided two barriers, according to the document, which was provided to The New York Times by a Congressional investigator.

Workers from the rig and company officials have said that hours before the explosion, gases were leaking through the cement, which had been set in place by the oil services contractor, Halliburton. Investigators have said these leaks were the likely cause of the explosion.

The approach taken by the company was described as the “best economic case” in the BP document. However, it also carried risks beyond the potential gas leaks, including the possibility that more work would be needed or that there would be delays, the document said.

The New York Times