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?

BP Shares Up 4% As Storm Fears Wane,But Spill Costs Grow Faster
BP (LSE:BP.)

Today : Monday 28 June 2010
BP PLC (Bp) shares rose almost 4% Monday morning as fears subsided that a tropical storm would disrupt the cleanup operation, but that good news was offset by a sharp increase in the company's daily rate of spend on Gulf of Mexico operations to $100 million.

At 0936 GMT BP shares were up 3.6%, or 11 pence, at 316 pence, leading London's FTSE 100 index. BP's market value has more than halved since the oil spill began in April.

Tropical storm Alex, which had threatened to disrupt the response to the Deepwater Horizon oil spill, was headed far to the west of the site, according to the National Hurricane Center.

Meanwhile, BP said the total cost of oil spill containment, cleanup and compensation has risen to $2.65 billion, compared with $2.35 billion Friday. BP was spending just $6 million a day when the spill began in April, but that cost has soared as the slick has spread and efforts to cap the leaking well have intensified.

BP reiterated its timetable for the drilling of two relief wells, which may be the only way to permanently halt the flow of oil from the leaking well. The wells are ahead of schedule, said a BP spokeswoman, but the company retains its estimate that they will reach their target in early to mid-August.

Allianz: Gulf Of Mexico Oil Spill Not Seen Resulting In Huge Claims


Today : Thursday 1 July 2010
Allianz SE (ALV.XE) doesn't expect substantial claims related to the oil spill in the Gulf of Mexico caused by the Deepwater Horizon oil rig that exploded in April, management board member Clement Booth told investors Thursday.

"We don't see it as a major event as far as Allianz is concerned, it's not going to turn into a huge event for Allianz," Booth said during an investor presentation.

Booth said the bulk of claims Allianz expects will be related to material damage, where current loss estimates for Allianz are below EUR10 million.

He acknowledged though that high uncertainty relates to indirect, environmental claims for the insurance industry related to the oil spill, but that it was too early to give an estimate about those.

"We have to see how that unfolds," Booth said.

Allianz already said in June that it has no involvement in the drlling rig owned by Transocean Ltd. and leased by Bp PLC. Its maximum exposure related to an insurance policy with the owners of the well is limited to about $560,000 Allianz said in June.

Watch BP go after the subbies when well is capped and things die down a bit. It will be the courts blame game for them for many years. BP will rise, they are paying out mega bucks but little mention to how much is still coming in.

as am just about to leave office and prob won't have much further access until tomorrow afternoon (if then), have banked a useful profit at 329.25 ..... doesn't offset much of today's other horrors, but very welcome nevertheless

How many blinkin' threads are there ....?

Well done mate. Think I will leave my office and go for a Short time downtown, wasting another 10

have a goody ..... i'm off to Provence for 10 days early tomorrow morning, but shall still be attached to my comfort blanket - aka laptop + blackberry! .... indeed, Beloved insists i take these with

Safe trip have a good one, missing you allready.

we'll all be round to sample a few bottles of wine, have marked the calender.,.

Hope he has took the transit van

Cynicvery nicewhat part of Provence?.
My wife insists I dont take the laptopI sneaked the iPhone and managed to have a five minute peek every hour on the hoursad really when you are already in paradisebut we always want more dont we?luck was with me this timeso she took an interestit is surprising how interested women get when the signs are about
Safe journey mate

Roussillon .... it's sort of Gordes / St Remy area .... i have laptop to stay in touch with the office as much as anything else .... thanks tabby and try not to be too much of a knobhead while i can't keep my eye on you!

markets looking very scary indeed .... glad i bit a lot of bullets this morning, so am relatively liquid ..... BP showing amazing resilience, but am happy to have banked that profit

BB / Clubby - i actually have to stop myself buying more wine; i am very lucky to have acquired a very good cellar over the years, and am now struggling to get through it all!

just as a marker - ADRs currently $29.78

Cynic very nicei need a holiday?... .....I cant guarantee the knobhead bitbut I will try Dad

Seems like new cap has developed a leak as reported on BBC this morning.

From the BBC @ 11:02

"BP said that the leak in what is known as the choke line could be repaired and that its effort to close the damaged well, and shut down the flow of oil permanently, would resume. But video streams from the seafloor showed a chaotic plume of oil and gas continuing to surge from one of the outlets on the 75-ton cap installed earlier this week.
NHIt was unclear late Wednesday whether the leak would be a momentary hitch in the much-anticipated "integrity test" on the well, or if it would put the operation in grave peril. But the plumbing failure showed once again that nothing has come easy in the long campaign to kill the Macondo well, which blew out April 20 and destroyed the Deepwater Horizon rig, killing 11 workers. "

BP says oil has stopped leaking from Gulf well

BP says it has temporarily stopped oil flowing into the Gulf of Mexico from its leaking well.

It is the first time the flow has stopped since an explosion on the Deepwater Horizon rig on 20 April.

The well has been sealed with a cap as part of a test of its integrity that could last up to 48 hours.

The way I read this, this is the beginning of the end - BP has stuck with this leaker and soon enough they should be pumping oil. I've not read much/heard about hurricanes, so perhaps BP is ahead of the Season - that is good news. The shares are only up a little (just over 4), so I'm guessing the market-players are not about to bet on things getting worse.

Of course there is the issue of the MGrahee (prisoner) transfer, but in reality the evidence against him was poor - was he really acting alone? Sure he's not died as soon as expected, but the reason for the transfer was to make sure he didn't die in UK-hands . . . . . at least this way the World has forgotten if not forgiven. The US politicos seem rather too keen to rake over this incidence, forgetting that the reason for the boming (ie in the first place) was a political act against the US - because of their prior political interference....so even if BP was remotely involved it's pretty much way-down the line of reasons.
If raking-over is the Order of the Day, maybe Britain should be asking about the "Implied Oil" connection with that Iraq invasion....for I don't remember BP. being involved as a "mover", whereas it was the first time I recall the name Haliburton being mentioned.... Must have been a bad rumour, perish the thought.

BP. still has a lot of political-repairing to do in the Gulf - and I suspect the sp will stay about the 4-5 range until the US Authorities stop bashing ........ let's hope Tony Haywood is moved a long way away.... + how did he get the job in the first place? Resume dividends about the time of the Olympics maybe?