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

worldtraveller

Thrugelmir wrote: »

The amount of oil that leaks now makes little difference to the potential claims from fisherman, hoteliers, businessess etc. The damage is done.

Really? Personally I would disagree. There is every chance that the oil will now spread north up the U.S. eastern seaboard. Surely the extent of flow, areas affected, and subsequent damage caused, will be a direct result of the length of time that the oil continues to flow from the leak and ultimate volumes involved.

1echidna

Not to mention fines, maybe of $4,100 per barrel spilled.

Incidently the Americans are billing the $20 billion as a down payment not as a sort of final settlement.

sabretoothtigger

BP is capturing some 15,000 BPD now. At $75 per barrel thats gross income of $1,125,000 per day.

All reclaimed oil is already declared towards wildlife protection costs. BP wont get anything back till they actually extract the oil with a working well


Escrow costs for the next 4 years will be about 14 million dollars a day so on those terms the well is a going to be a financial strain on BP for a long time

97trophy

BP's PR skills still not get any better

The BP chairman's comment that the oil giant cares about "the small people" received an icy reception on Wednesday from residents along the Gulf Coast.

BP Chairman Carl-Henric Svanberg told reporters in Washington: "I hear comments sometimes that large oil companies are greedy companies or don't care, but that is not the case with BP. We care about the small people."


Justin Taffinder of New Orleans was not amused. "We're not small people. We're human beings.

http://news.yahoo.com/s/ap/20100616/ap_on_bi_ge/us_bp_small_people_4

MONEYME

So the general feeling is that the SP will drop a lot further?

sabretoothtigger

The costs will continue to rise, that doesnt mean the share price drops. It should stabilise some as some or even the majority of the cost is now known

The problem previously has been the situation getting worse by the day but if Big Polluter can avoid screwing this up further the share price could even rise slightly

I'd say BP retaining the US defence oil contract, federal leases including americas largest oil field Prudhoe Bay is a positive. Its a 'less worse' story

MONEYME

Initially I was thinking of a LT investment but the more I read and learn the more I think it's a bad idea.

1echidna

MONEYME wrote: »

So the general feeling is that the SP will drop a lot further?

Thats my feeling and we haven't seen anything yet as regards anti bp sentiment as the US goes about extracting every dollar possible from bp and justifying with a hatchet job on all aspects of bp's operations. It will get far worse, remember 71% of Americans think that Obama has been too soft on bp!

amcluesent

I see that 'Call me Dave' Dave has finally dared say something - David Cameron confronts Barack Obama in battle to protect BP

It's clear that Hussein Obama is creating a disorderly market so his Democrat cronies can profiteer by shorting, and illegally forced through the $20B pork barrel for his lawyer buddies to drain dry.

As BP is on the FTSE, our regulators should halt dealing in the company shares until the present issues are resolved. We should QE some fiat currency and send over to the Yanks!

Everyone is the UK should immediately boycott US companies and their goods. Hit them in the pocket is the only language the understand. No Nike, Gillette, Kraft, Phillip Morris, McD, Microsoft, Coke, etc.

N.B. People need to start looking at the role of George Soros (remember breaking the Bank of England?) in 'buying' the presidency for Hussein Obama. Some pretty clear agendas being played out.

ceebeeby

97trophy wrote: »

I can only assume you are either young or supported by state handouts.

Your assumptions are totally wrong (unfortunately for me on the first and unfortunately for you on the second)

Please feel free to respond in whichever way you wish, however, I will not retaliate as I find this thread and its content exceptionally informative and would not wish for it to be removed due to rude and inconsiderate postings from a minority audience.