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

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Comments

  • worldtraveller
    worldtraveller Posts: 14,013 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 9 June 2010 at 8:18PM
    BP down over 15% now in U.S. trading at 3:12 PM ET.

    EDIT: 16% at 3:16 PM ET
    There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
  • sabretoothtigger
    sabretoothtigger Posts: 10,036 Forumite
    Part of the Furniture 10,000 Posts Photogenic Combo Breaker
    Transocean walked away from the mess with over a quarter billion dollars because they insured Deepwater Horizon for well above book value.

    http://seekingalpha.com/article/207592-transocean-s-outrageous-270-million-windfall-from-oil-spill?source=kizur

    New strategy to capture oil may have increased the quantity of oil leaking from the well by 4% - 5%, U.S. Interior Secretary Ken Salazar
  • tradetime
    tradetime Posts: 3,200 Forumite
    Allegedly the renewed price drop is due to a rumor coming out of London that a suspension of the dividend has been decided, and will be announced next week. But who knows.
    Hope for the best.....Plan for the worst!

    "Never in the history of the world has there been a situation so bad that the government can't make it worse." Unknown
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    BP down over 15% now in U.S. trading at 3:12 PM ET.

    EDIT: 16% at 3:16 PM ET

    I my see my £3.60 tomorrow then.
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    tradetime wrote: »
    Allegedly the renewed price drop is due to a rumor coming out of London that a suspension of the dividend has been decided, and will be announced next week. But who knows.

    They should just cut it in half, that would still be a decent yield based on the current share price.
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • amcluesent
    amcluesent Posts: 9,425 Forumite
    Brtish Govt. needs to step in and be seen to support BP. If it went, the loss of pension fund income, 10,000 of jobs and ££ Bilions in corporation tax is a major impact - as much as Northern Crock going.
  • amcluesent wrote: »
    Brtish Govt. needs to step in and be seen to support BP. If it went, the loss of pension fund income, 10,000 of jobs and ££ Bilions in corporation tax is a major impact - as much as Northern Crock going.


    Just wondering, step in how?
  • amcluesent
    amcluesent Posts: 9,425 Forumite
    >Just wondering, step in how?<

    Sail HMS Ark Royal into Chesapeake Bay!
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    97trophy wrote: »
    Any ideas why?

    In recent published figures. In 2009 the world's oil production dropped by 2m barrels a day, or 2.6%, also the largest decline since 1982.
  • 97trophy
    97trophy Posts: 915 Forumite
    http://www.marketwatch.com/story/bps-market-value-halves-as-spill-costs-loom-large-2010-06-09
    Oil-industry insider Matt Simmons, head of the Texas-based, energy-focused investment bank Simmons & Co., told Fortune magazine Wednesday that BP will run out of cash from lawsuits, cleanup costs and other expenses. "They have about a month before they declare Chapter 11" bankruptcy, Simmons said
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