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

amcluesent

>BP will announce suspension of dividend payment next week.<

Could be a good move if it allows BP to get on the PR front foot with the out-of-control 'tard in the White House and is visibly backed by Cameron. Dave's been as much use as chocolate teapot so far.

But lets look at the bi picture here. Suppose this is the scenario -

i) Omamalamadingdong suspends deep water drilling
ii) Decline in USA produced oil, OPEC whacks up prices
iiii) SUV owning rednecks holler at the rising pricing of gas
iv) New cons promote invasion of Iran to grab their oil reserves for Exxon
v) China reckons Iran's oil should be for PetroChina
viii) Resource war brings USA and China to a show down like the Cuban missile crisis

JamesU

Sceptic001 wrote: »

BBC is now reporting that BP will announce suspension of dividend payment next week.

Not sure if BP is planning to announce this any time soon? Perhaps BBC Peston is just on the hunt for another Northern Rock moment

JamesU

sabretoothtigger

Vince Cable won’t rescue weakened BP if foreign predator attempts takeover

http://www.timesonline.co.uk/tol/news/uk/article7148606.ece



Might be the best outcome really





http://www.citywire.co.uk/money/bp-quashes-reports-it-has-decided-to-defer-dividend/a406121?ref=citywire-money-investments-list

StevieJ

LONDON (Dow Jones) The chief executives of the world's biggest international oil companies will testify Tuesday that the BP PLC (BP.LN) oil spill in the Gulf of Mexico "was preventable," publicly distancing themselves for the first time from the U.K. company, the Financial Times reports Monday. Executives from Exxon Mobil Corp. (XOM), Royal Dutch Shell PLC (RDSA), Chevron Corp. (CVX) and ConocoPhillips (COP) will say that by following current "best practices" companies can avoid such accidents, according to interviews with those who have seen the planned remarks,the FT says.
The oil majors want to use this opportunity--before a subcommittee of the House energy and commerce committee--to make the case for continued new drilling in the deepwater gulf, the FT says.

http://www.ft.com/cms/s/0/67681310-774b-11df-ba79-00144feabdc0.html

amcluesent

Obamalamadingding is now hyper-ventilating that the spill is "another 9/11 for America"!.

Not that he's grandstanding and making cheap political capital at the expense of British interests or anything. The fool's clearly out of control. What next, CIA-led "extraordinary rendition" for the BP Board so they can be beaten-up in some hell-hole prison by GI goons?

ChiefGrasscutter

Perhaps the Chinese could launch a takeover bid for BP paying for it in the vast quantaties of US dollars they have accumulated - while they are still worth something: - this is a serious suggestion not a facetious comment.
My... would I like to see Obummer's reaction to that possibility.....

turbobob

ChiefGrasscutter wrote: »

Perhaps the Chinese could launch a takeover bid for BP paying for it in the vast quantaties of US dollars they have accumulated - while they are still worth something: - this is a serious suggestion not a facetious comment.
My... would I like to see Obummer's reaction to that possibility.....

I could see it going down well if PetroChina became the largest oil producer in the US! :rotfl:

sabretoothtigger

Use Mississippi River to stop the oil

http://us.cnn.com/2010/OPINION/06/13/kemp.oil.river/index.html?hpt=Mid

worldtraveller

BP currently down 10% at 353, up slightly on todays low point of 351.

naseby_2

The fate of the BP share price is almost entirely dependant upon the divided decision.
if they pay, it'll shoot up. if they cancel/suspend it the price will fall sharply.
Insider trading is almost a certainty!