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

sabretoothtigger

the US turning on overseas corporations

Its not overseas, they are multinational so are american based and uk based company. Some of rockafellas old standard oil company is in the bp family of companies with american employees with profits invested back into america and even the shareholder profits are also half american so its hardly extracting wealth or a foreign company







http://www.telegraph.co.uk/finance/5933200/BP-a-history-in-pictures.html

worldtraveller

This whole situation is becoming kind of surreal to me!

It seems that the media is now concentrating so much on the cost of the clean up, the question of dividend payments and what BP should, or shouldn't pay, that they are almost forgetting that there is still no certainty that the leak will be plugged!

It's my understanding that it will still be weeks before the relief wells are able to take any effect and it's unclear as to how effective they will be.

All this time, unless there is some other 'miracle' improvement, the situation will simply worsen.

Under these circumstances, I don't see how the BP SP will do anything other than continue it's general drift south?

amcluesent

BP needs a CEO like Willie Walsh who can stand up to mendacious politicians. BP should pay the Dividend IN FULL and get cash to it's investors, now it's clear that the Obama Democrats don't give a damn about due process and America laws and just see BP has a pile of $$ they can get their snouts into.

1echidna

Its not overseas, they are multinational so are american based and uk based company. Some of rockafellas old standard oil company is in the bp family of companies with american employees with profits invested back into america and even the shareholder profits are also half american so its hardly extracting wealth or a foreign company

Their headquarters is in the UK. It is true that they have substantial assets and shareholders in the US and American directors, unfortunately I don't think this need trouble Obama too much. He can still paint it largely as an overseas company and although he may get howls of protest from US groups with an interest in bp it will be matched by political support for taking on big business and big oil in particular. He can hide any economic damage to the US behind the terrible nature of this event and the virtue of trying to seek out clean energy.

sabretoothtigger

BP share price hitting intra decade lows just now, awesome



BP drafts in ninja turtle to fight spill :laugh: http://www.youtube.com/watch?v=n066BL3c0_o


Ex amoco which makes him america I guess, probably a positive considering
ex tnk so used to extreme hostile government moves as he has dealt with russias kgb, etc

fullstop

BP credit rating by Fitch now down to BBB from AA just two notches above junk status.

amcluesent

Using account prudence, I've now written off my BP shares as worth £0.

And when I meet stupid, loud-mouthed Yanks waddling about London in search of meals in a bucket I'm going to tell em to !!!! off back home as they're not welcome in Britain any more.

artha

amcluesent wrote: »

Using account prudence, I've now written off my BP shares as worth £0.

And when I meet stupid, loud-mouthed Yanks waddling about London in search of meals in a bucket I'm going to tell em to !!!! off back home as they're not welcome in Britain any more.

Why is it that if you hear someone speaking in a loud voice in any international airport it's generally a yank?

fairtrade

amcluesent wrote: »

Using account prudence, I've now written off my BP shares as worth £0.

And when I meet stupid, loud-mouthed Yanks waddling about London in search of meals in a bucket I'm going to tell em to !!!! off back home as they're not welcome in Britain. any more

You can't tar all yanks with the same brush, unless it is an especially large brush. Yes BP shares are in free fall, but the 40% of shares owned by American investors may well force some serious lobbying over the coming weeks. The (US) administration haven't helped themselves by referring to the company as British Petroleum as the name change to BP was a decade ago and for a multi-national company with large US investments to be seen as a pariah is not a smart move from Obama.
The shares may now not be at the same price you paid for them, but even with congress endorsing higher compensation payments, BP have the liquidity to announce a dividend and deal with any compensation.

sabretoothtigger

I think its reasonable to write off any american business when valuing it. Then any news after that is good news.



http://www.cnbc.com/id/37715808/

Is Obama going to launch the nuclear option against BP in tonight’s Oval Office speech?

That option would terminate all BP oil and gas leases and suspend all federal contracts with the oil company.

BP is the Defense Department’s biggest oil supplier, with a contract worth more than $2 billion yearly, according to energy analyst John Kilduff. Such a move by the president could conceivably bankrupt BP

Kudlow also makes mention of takeover bids on BP. Some speculate many hedge funds have been buying up shares in order to take part in any M&A activity.

Im quite doubtful even after a sell off they could gain enough leverage to force this through, the board will be very hostile. Its more likely if government continues to interfere politically with the business

President Barack Obama's handling of the Gulf oil spill has an unlikely defender: Republican Congressman Ron Paul.
http://www.cnbc.com/id/37712762/