BP dissapointed private investors as the share price slid even though a
Massive 136 percent jump in profits were recorded for the last quarter.
This was already expected and comments from Lord Browne saying falls in oil expected have brought also helped the stock down.
He says can stand oil price even below $16 pb
The hostage situation in Nigeria getting bad maybe BP putting on some weight today?
Locals want enviroment cleaned up and profits shared.
Any chance?

Get out of BP now! The American government are determined to hang BP out to dry. They will not survive this. When a company confronts the American government they invariably lose, Big Time!

Sen. Reid, Democrats Ask BP To Set Aside $20 Billion For Spill
By Siobhan Hughes

Of DOW JONES NEWSWIRES

WASHINGTON (Dow Jones) -- Senate Majority Leader Harry Reid (D, Nev.) and members of the Democratic caucus on Monday asked BP Plc (BP) to set aside $20 billion in a special account to be used to pay for economic damages and clean-up costs of an ongoing oil spill in the Gulf Coast.

The lawmakers made the request in a letter to BP Chief Executive Tony Hayward and asked for a response by no later than Friday. The letter comes as U.S. President Barack Obama is preparing to ask BP to set up an independently administered fund for reimbursing victims.

In a call with reporters, Sen. Patty Murray (D, Wash.) and Sen. Bob Menendez (D, N.J.) said that the letter was not intended to set a limit on the payouts BP would make in connection with the spill, which followed an April 20 explosion of a drilling rig that BP was leasing in the Gulf of Mexico.

The money "is an attempt" to make sure that commercial fishermen, tourism-related businesses and others in the gulf who have "immediate claims" will be "held whole," Menendez said.

Asked whether providing the $20 billion would cause Menendez to adjust legislation that currently would eliminate a cap on damage claims that BP and other companies would have to pay for spills and make the policy retroactive, Menendez said that "while I think the $20 billion is incredibly important as a very significant down payment towards the claims of individuals," he said that "I just don't want to limit that liability to that."

-By Siobhan Hughes; Dow Jones Newswires; 202-862-6654; siobhan.hughes@dowjones.com

Theres half their War-chest gone, the other half will go to OilSpill-Lawyers4U, and hey presto, bye bye BP. And it was supposedly in my Dreams ! More-like in YOUR nightmares.

US oil spill: Mapping the oil slick

Millions of gallons of oil have been leaking into the Gulf of Mexico since the Deepwater Horizon oil rig disaster on 20 April 2010.

Despite efforts to stem the leak and contain the oil on the surface, the slick has spread, threatening wildlife and closing down 78,000 sq miles of the gulf to fishing.

Experts from several US federal agencies are tracking the spread of the slick and predicting its path using remote sensing equipment, reconnaissance flights and satellite imagery.

Whilst this is a disaster for those in/near the Gulf, it is but part of the rough and tumble of Oil exploration. Sure there have been smaller disasters before and no-doubt BP would have chosen "none" rather than "any" - but as US OilCo's have found in the past oil spills.
In morwe recent times some say the War in Iraq was an attempt to secure weastern-friendly Oil well that was a disaster of monumental proportions and I don't read that anyone is taking US government aside and insisting the land is brought back to its original state.
Obama spoke yesterday about a multi-pronged plan and this involved BP paying for loss of livihood in the region and lost tourism, etc.
-But wasn't that lack of tourism already present? If you are booking yr holiday you do this in advance...I suspect the reason tourism is down is more-likely a recent trend from the US-led credit crunch when they let theoiir Bankers gamble with World Economy - is there any chance the Banks will be forced to pay for that clean-up..?
Why BP?
It is odd that it is always referred to as BP's problem, when theere were other companies (US-Gulf-based I recall), that were involved. -And don'yt tell me the US Oil Regulators didn't have something to do with planning...just as we see artist-impressions of a new town-centre plan in the Library, there will ahve been years of discussion and planning before the steel was ordered.
IF
If this is the start of a new "the polluter pays" policy and Obama can swing that Worldwide I'm sure he will have many supporters round the World, setting himself up as a World Policy maker. However, I suspect this is closer to home and he's worried the Gulf won't be fixed by the time he's up for re-election. This would be a distortion of the reality past and future (I'll bet) - and if he continues to bash BP as the best source of money he may discover he's milked it to the point where the old cow runs dry, cannot feed and dies. Should that happen he won't fix the Gulf and the long-standing memory will be of failure.

Does anyone (here) think this depth of hate-BP (my thought) would be attached to a US-OilCo that was at the centre of a disaster in Niger Delta, or (forgive me) the industrial regions of India...?

The fact is that OIL is risky. Risky in exploration, extraction, processing, storage (Buntsfield!), and use (traffic kills). BP is a hugely successful Co that manages most of these risks day-in day-out......well, not this time and maybe the US should become a better International Player, so they don't need riskier deep-drilling operations in the Gulf....they have used up nearly everything that's "easy" - now they are moving into the risky-waters.
I just fear this hatred will never end, comming as it does from the top.

I hold very few shares in BP. and it wouldn't be the end of me if they went to zero.

CORRECT (6/15): AT A GLANCE: Oil ExecutivesTestify

UPDATE: BP's 2nd System To Collect Gulf Oil Spill Operating
BP (LSE:BP.)
Intraday Stock Chart
Today : Wednesday 16 June 2010
BP PLC (Bp) Wednesday said it was collecting oil and gas from a second containment system attached to the Macondo well's failed blowout preventer, potentially allowing it to gather more of the oil spilling into the Gulf of Mexico.

The vessel, called the Q4000, attached to the new oil collection system will enable BP to capture between 20,000 and 28,000 barrels of oil a day in total from the leaking well.

BP collected and stored about 10,440 barrels of oil from the Deepwater Horizon spill on June 15 using the lower marine riser package containment cap attached to the Discoverer Enterprise vessel.

Between 35,000 and 60,000 barrels a day are estimated to be leaking from the well, according to the U.S. authorities.

BP said oil and gas from the second system reached the Q4000 early Wednesday. "Operations continue to stabilize and optimize the performance of the second containment system," BP said. The additional oil collected by the Q4000 will be burned off rather than stored, BP said.

BP hopes to have two additional ships in place by the end of June that will bring the total volume of oil it can capture from the leaking well to between 40,000 and 53,000 barrels a day.

The operation to capture the oil leaking from the well is complex and has its own risks. Containment was suspended briefly Tuesday after the Discoverer Enterprise was struck by lightning, causing a small fire. The whole containment operation would have to be suspended if a hurricane was to strike the area.

-By Jeffrey Sparshott and James Herron, Dow Jones Newswires; +44 (0)207 842 9347; jeffrey.sparshott@dowjones.com

June 16, 2010 3:06 PM EDT

Following a meeting with the President of the United States, the BP (NYSE: BP) Board announces an agreed package of measures to meet its obligations as a responsible party arising from the Deepwater Horizon spill.

Agreement was reached to create a $20bn claims fund over the next three and a half years on the following basis:



* BP will initially make payments of $3bn in Q3 of 2010 and $2bn in Q4 of 2010. These will be followed by a payment of $1.25bn per quarter until a total of $20bn has been paid in.

* While the fund is building, BP's commitments will be assured by the setting aside of U.S. assets with a value of $20bn. The intention is that this level of assets will decline as cash contributions are made to the fund.

* The fund will be available to satisfy legitimate claims including natural resource damages and state and local response costs. Fines and penalties will be excluded from the fund and paid separately. Payments from the fund will be made as they are adjudicated, whether by the Independent Claims Facility (ICF) referred to below, or by a court, or as agreed by BP.

* The ICF will be administered by Ken Feinberg. The ICF will adjudicate on all Oil Pollution Act and tort claims excluding all federal and state claims.

* Any money left in the fund once all legitimate claims have been resolved and paid will revert to BP.

see my post on the other thread!

BP Shares Up 7% In Early London Trade After Spill-Fund Deal
BP (LSE:BP.)
Intraday Stock Chart
Today : Thursday 17 June 2010
Shares in oil major Bp PLC (BP.LN) traded up 7% in London early Thursday after the company said Wednesday it was suspending dividends and setting aside GBP20 billion to cover claims relating to its oil spill in the Gulf of Mexico.

At 0737 GMT, BP shares were up 6.5%, or 22 pence, at 359 pence.

On Wednesday, BP said it would cancel at least $7.8 billion in dividends, sell off $10 billion in assets and reduce capital expenditure by at least $4 billion as it looks to build up the $20 billion fund over the next 3 1/2 years.

BP struck the agreement with U.S. President Barack Obama at the White House amid intense political pressure spurred by a steady stream of oil spewing into the Gulf and washing up on beaches and marshes.

"BP's package agreed with President Obama should cool the politic heat and provide some degree of comfort to equity and bond markets, shareholders and businesses/residents in (the Gulf of Mexico) affected by the Deepwater Horizon accident," Evolution Securities said Thursday in a research note. "The $20 billion claims fund draws a line in the sand (of sorts). It doesn't cap BP's liabilities nor cover fines and penalties but does clarify how BP will settle legitimate claims and cleanup costs."

BP will pay $3 billion into an escrow account in the third quarter of this year and another $2 billion in the fourth quarter. This will be followed by payments of $1.25 billion per quarter until the $20 billion has been paid in, BP said in a statement.

The $10 billion of divestments now planned this year will focus on non-strategic assets in BP's exploration and production division, BP Chief Financial Office Byron Grote said Wednesday.

BP still expects to close its $7 billion purchase of assets in the Gulf of Mexico, Brazil, Canada and Azerbaijan from Devon Energy Corp. (DVN) by the end of this year, Grote said.

BP's shares have almost halved since the April 20 explosion aboard the Deepwater Horizon drilling rig that killed 11 workers and lead to the oil spill.

Sonatrach Sends Pollution Barriers To Help Counter BP Spill
BP (LSE:BP.)
Intraday Stock Chart
Today : Thursday 17 June 2010
Sonatrach Wednesday sent floating anti-pollution barriers to protect the U.S. Gulf coast at the request of Bp PLC (BP), the Algerian state oil company said in a statement.

Sonatrach is one of several companies helping the U.K. oil giant to contain the impact of a massive spill that started after an explosion at the Deepwater Horizon platform Apr. 20.

The Algerian oil company has had problems of its own with a corruption probe that led to a management change earlier this year, but it hasn't had a major exploration accident in a long time.

-By Benoit Faucon, Dow Jones Newswires; +44-20-7842-9266; benoit.faucon@dowjones.com

2nd UPDATE: BP Shares Surge After $20 Billion Oil Spill Fund Deal
BP (LSE:BP.)
Intraday Stock Chart
Today : Thursday 17 June 2010
Shares in U.K.-listed oil giant Bp PLC (BP) jumped as much as 9.8% in London Thursday after the company struck a deal with the Obama administration a day earlier to set aside $20 billion to cover Gulf of Mexico oil spill costs by slashing spending.

At 1130 GMT BP shares were up 7.1%, or 24 pence, at 361p, leading the FTSE 100 index.

Several analysts upgraded the embattled company to a "buy" recommendation, despite BP's promise to cancel at least $7.8 billion in dividends, sell off $10 billion in assets and reduce capital expenditure by at least $4 billion as it looks to build up the $20 billion fund over the next 3 1/2 years. The fund will not cover civil or criminal penalties.

"BP's package agreed with President Obama should cool the political heat and provide some degree of comfort to equity and bond markets, shareholders," said Evolution Securities analyst Richard Griffith.

Gas Negara Official: Interested To Buy Stakes In Tangguh Block
BP (LSE:BP.)
Intraday Stock Chart
Today : Thursday 17 June 2010
Indonesian state-owned gas distributor and producer PT Perusahaan Gas Negara (PGAS.JK), or PGN, is interested in acquiring stakes in the Tangguh gas block operated by Bp PLC's (BP) local unit, in order to secure more supply, PGN's Chief Executive said Thursday.

Due to the oil spill in the Gulf of Mexico, "they might have financial burdens, so if there's a window of opportunity to acquire stakes in Tangguh, we are interested," Hendi Prio Santoso told reporters.

PGN said in February that it has set aside about IDR3.4 trillion ($370 million) this year to acquire stakes in several gas producers in Indonesia in a bid to meet expected higher future demand.

Santoso said PGN is currently conducting due diligence process for some gas blocks, but didn't elaborate.

Adm. Allen: Could Capture 28,000 B/D Of Oil By Early Next Week
BP (LSE:BP.)
Intraday Stock Chart
Today : Thursday 17 June 2010
A second vessel is allowing Bp PLC (BP) to contain a bigger portion of the Deepwater Horizon oil spill, even as a parallel bid to permanently plug the well moves ahead of schedule, the leader of the U.S. effort to control the spill said Thursday.

U.S. Coast Guard Adm. Thad Allen said in a conference call with reporters that the vessel, known as the Q4000, captured 1,200 barrels in the first 12 hours of production on Wednesday, and would add 2,000 to 3,000 barrels a day to the amount captured by the main vessel connected to the mile-deep leak, the Discoverer Enterprise. That would bring the total amount captured to between 16,000 and 17,000 barrels a day.

Allen said that progress was being made in the war against the spill.

"There have been days where we have actually recovered more oil throurgh containment and recovery than what came out" of the well, he said. U.S. authorities estimate the well to be leaking at a rate between 35,000 barrels a day and 60,000 barrels a day.

Allen added that efforts to drill a relief well through which BP would pump cement to plug the leak are progressing "ahead of schedule." The relief well, currently at a depth of more than 9,900 feet below the seafloor, will "come very close to the well very shortly," passing within 10 feet of the main well within a couple of weeks, Allen said.

Allen, however, declined to move the current mid-August target date for the completion of the effort. He added that the relief well must pass beyond the leaking well by 1,000 feet and turn back before intersecting it, a complex operation.

Allen said that BP's plan is underway to increase the capture capacity of the response operation to about 28,000 barrels a day by early next week, 53,000 barrels a day by the end of June, and if required, 60,000 to 80,000 barrels a day by the end of July.

Any of you guys want to make an 'opening statement' in the us . It looks like every man and his dog is doing so. What a load of tosh.

It has taken them so long to repeat each others 'statements' that they have run out of fecking time. No wonder why they are skint. Bunch of hot-winded time wasters.
But then, they are Americans.

Interesting switching from Bloomberg to CNBC, when Hayward was interrupted by protestor, Bloombergs commentators remarked he looked cool! CNBC reckoned he smirked! Gobshites the lot of em :o)

Heyward should be allowed to get to work stopping the spill, and not be answering questions to these pricks, with their self motives. What a farce, I see Cynics race is well represented. Ski, Sky, Cohan, Leberman, and so on. It is a legal theatre.

No Irish then ?

aldwickk

The small people were mentioned yesterday, and the yanks took offence.