Stock market today: BP said Wednesday that it would sell some of its Malaysian assets to Petronas, the country’s oil consortium, in a deal worth up to $411 million, as it begins to divest itself of businesses to recoup the costs of the Gulf oil spill.
The British oil giant said it was selling its stakes in Ethylene Malaysia and Polyethylene Malaysia, both already operated and part-owned by Petronas, which BP called their “natural owner.”
The deal with Petronas includes a $363 million cash payment, a $15 million balance sheet adjustment, the repayment of a $53 million shareholder loan, and potentially a special dividend of $48 million from Ethylene Malaysia. via nytimes
BP News 1: BP PLC (BP) will submit Wednesday a report evaluating lessons learned in its response to the oil spill in the Gulf of Mexico to U.S. regulator the Bureau of Ocean Energy Management, Regulation and Enforcement, a company spokesman said.
Showing posts with label BP stock. Show all posts
Showing posts with label BP stock. Show all posts
Active Stocks: BP (BP) shares hit 14-year-low
Time:
6/27/2010 12:22:00 PM
by StockPicker
source:beaconequity.com
British Petroleum (NYSE: BP) shares plunged 6% on Friday, closing to a 14-year low amid growing concerns that the total liability associated with the oil spill in the Gulf will be larger than expected.
As BP shares continue to retreat for the ninth straight week, the company’s market value has dropped by approximately $100 billion since an explosion at one of its deepwater rigs sank to the bottom of the Gulf in late April.
Rising costs, inevitable legal liabilities, and BP’s inability to stop the leak of an estimated 2.0 million gallons per day, have increasingly spooked shareholders to sell their shares.
BP is under increasing pressure to assure the costs associated with capping the well and future costs to clean the Gulf, which the company says has reached $2.35 billion already.
Given the high costs in the debt market, analyst Alastair Syme of Nomura Securities Co. said he believes an equity investor may be needed in the short term to fund the crisis, further diluting the shares.
source:beaconequity.com
British Petroleum (NYSE: BP) shares plunged 6% on Friday, closing to a 14-year low amid growing concerns that the total liability associated with the oil spill in the Gulf will be larger than expected.
As BP shares continue to retreat for the ninth straight week, the company’s market value has dropped by approximately $100 billion since an explosion at one of its deepwater rigs sank to the bottom of the Gulf in late April.
Rising costs, inevitable legal liabilities, and BP’s inability to stop the leak of an estimated 2.0 million gallons per day, have increasingly spooked shareholders to sell their shares.
BP is under increasing pressure to assure the costs associated with capping the well and future costs to clean the Gulf, which the company says has reached $2.35 billion already.
Given the high costs in the debt market, analyst Alastair Syme of Nomura Securities Co. said he believes an equity investor may be needed in the short term to fund the crisis, further diluting the shares.
BP shares hit 14-year low amid funding concerns
Time:
6/25/2010 06:41:00 AM
source:bbc.co.uk
Shares in BP have fallen further amid speculation that the company may have to seek extra funds to pay for its oil spill costs.
Shares were down by 7% at one stage, hitting a 14-year low.
In a note to investors trading house Nomura said pressure was growing on the company to "assure sufficient funding" to stop the spill.
Earlier BP said that its costs linked to the Gulf of Mexico oil disaster had risen to $2.35bn (£1.57bn).
The total costs, including compensation claims, are expected to be much higher.
"We consider that equity linked financing - perhaps backed by sovereign wealth - could prove the attractive short-term solution," said Nomura,
It added that BP's perceived need for more money was damaging the company in the eyes of investors.
Shares in BP have fallen further amid speculation that the company may have to seek extra funds to pay for its oil spill costs.
Shares were down by 7% at one stage, hitting a 14-year low.
In a note to investors trading house Nomura said pressure was growing on the company to "assure sufficient funding" to stop the spill.
Earlier BP said that its costs linked to the Gulf of Mexico oil disaster had risen to $2.35bn (£1.57bn).
The total costs, including compensation claims, are expected to be much higher.
"We consider that equity linked financing - perhaps backed by sovereign wealth - could prove the attractive short-term solution," said Nomura,
It added that BP's perceived need for more money was damaging the company in the eyes of investors.
Sell,buy or hold? BP: $2 Billion Spent on US Oil Spill
Time:
6/21/2010 11:51:00 AM
source:voanews.com
Oil company BP says it has spent $2 billion responding to the massive oil leak in the Gulf of Mexico.
In a statement Monday, the British energy company said its costs to date include ongoing containment efforts, relief well drilling, federal costs and claims paid to affected individuals and businesses.
The company last week agreed to establish a $20 billion fund to compensate victims of the disaster. It said Monday it has so far paid out $105 million in response to 32,000 claims resulting from the leak, caused by an explosion at a deepwater oil rig two months ago.
Oil company BP says it has spent $2 billion responding to the massive oil leak in the Gulf of Mexico.
In a statement Monday, the British energy company said its costs to date include ongoing containment efforts, relief well drilling, federal costs and claims paid to affected individuals and businesses.
The company last week agreed to establish a $20 billion fund to compensate victims of the disaster. It said Monday it has so far paid out $105 million in response to 32,000 claims resulting from the leak, caused by an explosion at a deepwater oil rig two months ago.
Sell,buy or hold,Transocean Shares Rise As Co Looks Less Liable Than BP
Time:
6/18/2010 10:13:00 AM
source:wsj.com
NEW YORK (Dow Jones)--Shares of Transocean Ltd. (RIG) on Thursday recovered some of the battering they've suffered during the oil spill crisis in the Gulf of Mexico, as BP PLC (BP, BP.LN) executives faced a public grilling and it continued to look less likely Transocean would face similarly huge liabilities.
While Transocean was operating the Deepwater Horizon rig when it blew in late April, leading to the ongoing oil geyser in the Gulf, the well it was drilling was owned by BP and ...
NEW YORK (Dow Jones)--Shares of Transocean Ltd. (RIG) on Thursday recovered some of the battering they've suffered during the oil spill crisis in the Gulf of Mexico, as BP PLC (BP, BP.LN) executives faced a public grilling and it continued to look less likely Transocean would face similarly huge liabilities.
While Transocean was operating the Deepwater Horizon rig when it blew in late April, leading to the ongoing oil geyser in the Gulf, the well it was drilling was owned by BP and ...
BP Raised Risks at ‘Nightmare’ Well, Lawmakers Say (Correct)
Time:
6/15/2010 12:41:00 PM
By Jeff Plungis
source:businessweek.com
June 15 (Bloomberg) -- BP Plc Chief Executive Officer Tony Hayward is being pressed about cost-cutting that House Democrats said added to the danger of an explosion at the company’s Gulf of Mexico oil well.
“Time after time, it appears that BP made decisions that increased the risk of a blowout to save the company time or expense,” U.S. Representatives Henry Waxman of California and Bart Stupak of Michigan said in a letter yesterday to Hayward. “If this is what happened, BP’s carelessness and complacency have inflicted a heavy toll on the Gulf, its inhabitants, and the workers on the rig.”
"We saw a 30% sequential jump in purpose-built switch sales in the first quarter of 2010, with Cisco a driving force with their Nexus switch line," explained Infonetics analyst Matthias Machinowski in a statement. "Healthy annual growth is expected to continue in this segment."
source:businessweek.com
June 15 (Bloomberg) -- BP Plc Chief Executive Officer Tony Hayward is being pressed about cost-cutting that House Democrats said added to the danger of an explosion at the company’s Gulf of Mexico oil well.
“Time after time, it appears that BP made decisions that increased the risk of a blowout to save the company time or expense,” U.S. Representatives Henry Waxman of California and Bart Stupak of Michigan said in a letter yesterday to Hayward. “If this is what happened, BP’s carelessness and complacency have inflicted a heavy toll on the Gulf, its inhabitants, and the workers on the rig.”
"We saw a 30% sequential jump in purpose-built switch sales in the first quarter of 2010, with Cisco a driving force with their Nexus switch line," explained Infonetics analyst Matthias Machinowski in a statement. "Healthy annual growth is expected to continue in this segment."
BP said:BP's Oil Spill Costs Rise to $1.6 Billion
Time:
6/14/2010 02:59:00 AM
Today, BP said that the total cost in response to the oil spill has reached about $1.6 billion.
BP updated its shareholders this morning at the start of a crucial week for the company. It said the total bill has jumped by $350m in the last week, including payments of $25m each to the states of Florida, Alabama and Mississippi to help them fight the environmental damage of the disaster.
BP will start taking oil and gas to a ship on the surface through a separate pipe in the next few days, and a “more permanent and flexible” system with floating risers is set to begin operations around the end of the month, the company said in a statement in London today.
BP.L is currently trading at 379.9 pence, down 12 pence or 3.06%, on a volume of 25.84 million shares. BP closed Friday's regular trading at $33.97 on the NYSE.
BP updated its shareholders this morning at the start of a crucial week for the company. It said the total bill has jumped by $350m in the last week, including payments of $25m each to the states of Florida, Alabama and Mississippi to help them fight the environmental damage of the disaster.
BP will start taking oil and gas to a ship on the surface through a separate pipe in the next few days, and a “more permanent and flexible” system with floating risers is set to begin operations around the end of the month, the company said in a statement in London today.
BP.L is currently trading at 379.9 pence, down 12 pence or 3.06%, on a volume of 25.84 million shares. BP closed Friday's regular trading at $33.97 on the NYSE.
BP shares fell, fuel oil price rise
Time:
6/13/2010 10:30:00 AM
Obama will visit the Central Gulf Coast -- Alabama, Mississippi and Florida -- on Monday and Tuesday. Here is an open letter written by the president and addressed to the people of the Gulf Coast states affected by the ongoing oil spill originating from the broken Deepwater Horizon offshore well.
The research house said this meant crude futures for delivery in 2018 looked cheap. "Oil will be slower on-stream, more expensive to produce, it will be more politicised and there will be less of it," the analysts said. "Those are factors that make us look at the current back of the oil curve and see it as undervalued at current levels of a shade below $100."
The research house said this meant crude futures for delivery in 2018 looked cheap. "Oil will be slower on-stream, more expensive to produce, it will be more politicised and there will be less of it," the analysts said. "Those are factors that make us look at the current back of the oil curve and see it as undervalued at current levels of a shade below $100."
(Good news)Feds: BP agrees to expedite oil spill payments
Time:
6/10/2010 12:25:00 PM
Source:chron.com
GRAND ISLE, La. — BP said Thursday it plans to boost its ability to capture the oil gushing from a ruptured well in the Gulf of Mexico by early next week as the Obama administration announced that the oil giant agreed to speed up payments to people whose livelihoods have been washed away by the spill.
Fishermen, property owners and businesspeople who have filed damage claims with BP are angrily complaining of delays, excessive paperwork and skimpy payments that have put them on the verge of going under as the financial and environmental toll of the seven-week-old disaster grows.
GRAND ISLE, La. — BP said Thursday it plans to boost its ability to capture the oil gushing from a ruptured well in the Gulf of Mexico by early next week as the Obama administration announced that the oil giant agreed to speed up payments to people whose livelihoods have been washed away by the spill.
Fishermen, property owners and businesspeople who have filed damage claims with BP are angrily complaining of delays, excessive paperwork and skimpy payments that have put them on the verge of going under as the financial and environmental toll of the seven-week-old disaster grows.
Obama might meet with BP CEO Hayward Next Week
Time:
6/10/2010 05:01:00 AM
ABC News:When BP CEO Tony Hayward comes to Washington, DC, next week, he will almost certainly be summoned to meet with President Obama at the White House.
BP's share price opened at 345 pence - its lowest level since 1997 - before recovering to 375p in early trading.
BP plc (BP) says it's puzzled by a drop in its share price, which fell 16% Wednesday in trading on the NYSE. The stock dropped as low as $33, down from a 52-week high of $62.38. BP's market cap is now only $91 billion.
As BP finds itself caught between an angry U.S. administration and unhappy shareholders, Prime Minister David Cameron's office said the British leader would discuss the issue with President Barack Obama on a scheduled telephone call over the weekend.
BP's share price opened at 345 pence - its lowest level since 1997 - before recovering to 375p in early trading.
BP plc (BP) says it's puzzled by a drop in its share price, which fell 16% Wednesday in trading on the NYSE. The stock dropped as low as $33, down from a 52-week high of $62.38. BP's market cap is now only $91 billion.
As BP finds itself caught between an angry U.S. administration and unhappy shareholders, Prime Minister David Cameron's office said the British leader would discuss the issue with President Barack Obama on a scheduled telephone call over the weekend.
BP share price will continue to decrease?
Time:
6/09/2010 09:34:00 AM
President Barack Obama has stepped up its tough talk on the Gulf oil spill and the demand for BP to pay to clean up the mess, it is clear that there was fire BP, Tony Hayward, chief if he could.
Rewrite
BP shares fell around 6 percent in London, following a 5 percent drop Tuesday, on worries that the company will have to suspend its dividend payment under pressure from U.S. politicians who say it should go to pay for legal claims and environmental damage in the Gulf.
BP's market value has already lost tens of billions of pounds (dollars) since the explosion at the Deepwater Horizon rig on April 20.
Rewrite
BP shares fell around 6 percent in London, following a 5 percent drop Tuesday, on worries that the company will have to suspend its dividend payment under pressure from U.S. politicians who say it should go to pay for legal claims and environmental damage in the Gulf.
BP's market value has already lost tens of billions of pounds (dollars) since the explosion at the Deepwater Horizon rig on April 20.
With BP’s stock rapidly declining,buy,sell or hold?
Time:
6/04/2010 01:08:00 PM
Goldman Sachs sold $250 million of BP stock before the oil spill occurred. So did a few other big institutional investors.
Just coincidence?
BP faces a tough balancing act, caught between worried investors and an increasingly angry U.S. government and public. It's a key stock for millions of investors and pension funds.
About 40 percent of BP shares are held in the U.S. The stock also accounts for about 6 percent of all the UK equity money held by defined benefit pension schemes.
BP has already spent about $1 billion on cleanup costs. CEO Tony “I’d like my life back” Hayward says the eventual cost could be about $3 billion. Which is being roundly laughed at as the lowball of the year. “I’m pretty damn confident that the Street is not buying that,” says New Orleans–based oil analyst Blake Fernandez. A more accurate estimate seems to be in the realm of $10 billion and up, to maybe $30 billion.
Just coincidence?
BP faces a tough balancing act, caught between worried investors and an increasingly angry U.S. government and public. It's a key stock for millions of investors and pension funds.
About 40 percent of BP shares are held in the U.S. The stock also accounts for about 6 percent of all the UK equity money held by defined benefit pension schemes.
BP has already spent about $1 billion on cleanup costs. CEO Tony “I’d like my life back” Hayward says the eventual cost could be about $3 billion. Which is being roundly laughed at as the lowball of the year. “I’m pretty damn confident that the Street is not buying that,” says New Orleans–based oil analyst Blake Fernandez. A more accurate estimate seems to be in the realm of $10 billion and up, to maybe $30 billion.
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