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

StevieJ

Has the Apache deal now fallen through?

lvader

No, they are talking about a new deal (selling more assets)

StevieJ

StevieJ wrote: »

I picked this up of MF it is a quite a funny PR photo by BP, they are struggling :eek:

http://www.bp.com/liveassets/bp_internet/globalbp/globalbp_uk_english/incident_response/STAGING/local_assets/images/View_of_the_MC_252.jpg

The weirdest part for me is the way he has his fingers crossed.

This was on Bloomberg last night, apparently BP didn't wish to deceive and have put the oil back in the sea and released all the original photos

le_loup

http://www.guardian.co.uk/environment/2010/jul/23/deepwater-horizon-oil-rig-alarms

It seems that the other companies involved in the drilling are, at last, being shown to have some culpability ... as in: All the alarms were switched off to enable workers to get a good nights sleep.

lvader

What should BP do with the tons of rubbish it picks up during the cleanup? Strickly speaking it's it obliged to clean it and put it back?

chris_m

le_loup wrote: »

http://www.guardian.co.uk/environment/2010/jul/23/deepwater-horizon-oil-rig-alarms

It seems that the other companies involved in the drilling are, at last, being shown to have some culpability ..

Darned right they should - only the other day Hallibuton released quarterly figures showing increased profits despite the Gulf leak - as I understand it they were the company that were supposed to have sealed the well in the first place but do we hear the Yanks moaning about them not doing their job properly? Do we heck.

amcluesent

BP set to begin oil drilling off Libya

"Oil giant BP has confirmed it will begin drilling off the Libyan coast in the next few weeks.

The deepwater drilling will take place in the Gulf of Sirte following a deal signed in 2007 with Libya on oil and gas development."

:T Right back at you, Hussein Obama. Hope the good ol' boys get used to pushing their SUV's to the drive-in...

sabretoothtigger

StevieJ wrote: »

Have Apache overpaid for the BP assets because according to Barclays capital this would value Shell at £31 and BP at £9?

The assets are worth more to Apache then BP is the official line. I dont doubt BP got a good price though.

If BP was broken up into separate parts and sold off each time at a similarly good price then £9 is probably not incorrect especially if price of oil keeps rising back like it has.

If nothing else owning these big oil companies is hedge against nasty petrol price rises I figure

Apparently Exxon trades on a PE of 4, I presume thats forward earnings and based on oil staying high.
Because we have so much volatility and oil did drop to 30 it might be the low share pricing to oil companies in general is a reflection of this continued uncertainity

amcluesent

Tony Hayward to quit BP

BP is planning to announce the departure of chief executive Tony Hayward alongside its half-year financial results on Tuesday. The BP boss will be replaced by Bob Dudley, who is currently overseeing the oil spill operation in the Gulf of Mexico.Dudley is seen as the best candidate because he is a US citizen with a very strong track record at BP and previously at Amoco.

That, plus the positive announcements on profits should be a boost to the shares!

joeypesci

They are 398 at the moment, I wonder if the news will make them rise on Monday. I brought some the other day at 391, my first ever share buy so brought small. Wonder if I should buy more? Its a risk, as if they announce a lose I assume the shares will go down. However, as they've sold off assets to pay for the recovery, it does look like they'll still be looking at profit rather than lose.