The oil rig disaster in the Gulf of Mexico has damaged BP's reputation will they manage to avoid a share collapse to 350p.?



472p to buy this morning.

I personally think anything below 200p would be fair value given its high cleaning up costs, payments to Americans who lost their incomes, oil loss, etc.

that is where i was thinking. just wasn't sure if anyone else thought they get that low

certainly no hurry to buy today as heading sharply south again now US has opened for biz

The worst is yet to come for BP. Real costs of expenses are still unknown.
Really no hurry to buy into it yet. More downside on the way.

can't disagree, but caution with shorting still required, as a squeeze can be sudden and painful - e.g. friday, clearly when many positions were closed

360 is the 10-year low as shown above, but this is a new ballgame and once that level is conclusively broken, then almost any level is possible ..... certainly the divi is almost certain to be abandoned for now, so no good reason to hold on that basis .... however, all the big institutions and pension funds etc are almost obligated to be holders ..... there will also be behind-the-scenes political manoeuvring which will influence

BP's future liability is (almost) incalcuable at present, this reminds us of the asbestiosis liability problems years ago. This was ultimately resolved by Cape buying insurance and capping their liability. At this stage only very brave/stupid PI's buy into BP.

Given the sharp sell off today, and no end in sight, alas, this problem has become a political one. As soon as Cameron bucks up and gets to grip with the crises, then the short traders and other speculators will continue to pour it on BP. In my mind, BP has to start fight tough, and hard, and even ugly, because the vultures will want to screew them totally. BP must use every dirty trick in the book, because that is exactly what its adversaries are doing. It now dog eat dog time

hali - i rather agree .... though sooner or later this leak will be plugged, that will only be the starting point for assessing BP's liability - and of course BP are self-insured

clubman - i don't think BP has much of a hand to play, other than it has huge resources in both cash and assets ..... while there are obvious political implications, i think it's a bit of a longshot to expect the taxpayer to come to BP's rescue, not least because, unless i am much mistaken, the gov't no longer holds a slice

Don't forget that 35% of the ownership of the Macondo well lies with other (US) parties. They will have to stump up their own share of the cash for the cleanup as well although we haven't heard much about that recently.

Someone needs to remind Obanana what happened to his ancestors and who gave them their freedom.

oh for goodness sake! .... what sort of crackpot idea is rattling in your little head?

club BP's first priority is to plug the hole,it appears their actual strategy is to drill relief wells, unfortunately the pictures of apparently tens of thousands of barrels of oil poluting the gulf of mexico in the meantime only increase the animosity towards them.We would like to think they know what they are doing as they are highly paid professional oilmen. All along since this disater happened BP must have known what was possible to solve this oil leak and the interim measures taken golf balls etc were not going to solve the problem but they needed to be seen to be doing something.The environmental damage will last for generations..... they need very,very deep pockets.

Obama has likened this disaster very similar to 9/11, possibly even worse and has greatly affected the American psyche. And Florida is hugely affected as tourist numbers dwindled significantly.

Just bought for the first time @ 354p

Good luck but I think it's too early to buy.

What the hell! He who dares? (Gets shat on) Long BP. 356.0 :o)

who is thinking of buying, Hayward will be roasted on thursday by the senators does he have any defence......

only reason to buy is to bank a profit on a short position and/or as a precaution against being squeezed over a w/e

cynic if you are short there is more to come!

350'ish currently being tested as a support ... if that fails, then the bears will make hay - as they would!