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.

Hammer formed today...eat your heart out Tony.

looks like a 3 er to me.....hammer that is..

Not good is it.

Looking right across the board , over the last 2 weeks the drop in all the market is scary, Time to cash in all my chips and wait a while - Can only see this getting worse and worse. There is absolutely no good news out there and things will only get even worse. The World economy is totally f***** Fact. Think we need a good old War to clear the decks.

Back in 2000 these were rated on a p/e of 52 whilst oil was at $25 a barrel. Justification being that they had "wealth in the ground". 10 years on, p/e ratio closer to 5 and oil 3x higher. Curious huh?

too many journos spreading alarm and despondency as usual, the high street seems to be holding up quite well as normal people go about their business ignoring the media doomsters.

oil futures look ominous,,,scarey monsters and all that ...

Markets going down , No problem buy gold stocks like CEY

Sub 400p today and no let up.

Its 390p now when will it ever end..?

short here ..... wish i was elsewhere

No point in buying cynic when its over-priced.

strewth ..... decided to bank my profit at 394 as markets were steadying/strengthening .... now fallen another 10p! ..... anyway, nice little profit safely in the bank

Down another 10% in NY tonight Tony Crazes buy @530p is looking unlucky.

350p opening price tomorrow.

There are news that BP will go into Chapter 11 next month. Sell!

BP chief Tony Hayward sold shares weeks before oil spill


The chief executive of BP sold 1.4 million of his shares in the fuel giant weeks before the Gulf of Mexico oil spill caused its value to collapse.

Tony Hayward cashed in about a third of his holding in the company one month before a well on the Deepwater Horizon rig burst, causing an environmental disaster.

Mr Hayward, whose pay package is 4 million a year, then paid off the mortgage on his familys mansion in Kent, which is estimated to be valued at more than 1.2 million.

Is the West's love for oil receding for good?There is no suggestion that he acted improperly or had prior knowledge that the company was to face the biggest setback in its history.

His decision, however, means he avoided losing more than 423,000 when BPs share price plunged after the oil spill began six weeks ago.

Since he disposed of 223,288 shares on March 17, the companys share price has fallen by 30 per cent. About 40 billion has been wiped off its total value. The fall has caused pain not just for BP shareholders, but also for millions of company pension funds and small investors who have money held in tracker funds.

The spill, which has still not been stemmed, has caused a serious environmental crisis and is estimated to cost BP up to 40 billion to clean up.

There was growing confidence yesterday that a new cap placed over the well was stemming the oil flow. An estimated three million litres a day had been pouring into the sea off the coast of Louisiana since the April 20 explosion, damaging marine life.

The crisis has enraged US politicians, with President Obama yesterday forced to cancel a trip to Indonesia amid a row over the White Houses response.

Mr Hayward, whose position is thought to be under threat, risked further fury by continuing plans to pay out a dividend to investors next month.

On the NYSE, BP finished down 15.8% on the day, so 350p could be on the cards sooner rather than later.



Interesting view on Bloomberg on what BP should do in response to the crisis - BP Needs to Tell Whining Americans to Take a Hike

Correct..350p opening price..