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.

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..

but not buyable at that price i think

Obanana loves this, it covers up everything else. He is leading all the sheep. You would think his time would be better spent chasing the corrupt bankers, and wall street bent mob.

I wished I had listened to myself and taken out my first ever short....grrrr...

An excuse to blame the UK ?

ah yes ... well is wish i had hung on for greater profit like i (very foolishly) did with RKH

don't start him off again .....

In the first test of the special relationship since the Coalition took power, the Prime Minister is under growing pressure to try to stop Barack Obamas fierce criticism of the company.

The US presidents aggressive rhetoric, including a White House threat to hold a boot to the throat of BP, has been blamed for wiping billions of pounds off its value.

BP's Hayward: 'I'm also angry and frustrated' But when asked about the impact on the pensions of millions of people, Mr Cameron backed the president, saying he understood his frustration.

Despite calls for the Prime Minister to support BP and warnings about the threat to the national economic interest, he made no public attempt to defend the firms position.

BPs share price has almost halved in the wake of American criticism, wiping nearly 50billion off its value, with damaging consequences for British pension funds.

The company is responsible for almost one in every seven pounds of dividends paid to British pension pots.

BP shares fell by more than five per cent on the London stock market yesterday as US politicians demanded that the company scrap plans to pay a dividend. The US attorney general refused to rule out taking an injunction to stop BP giving shareholders 10billion next month.

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.

1.2 million for a mansion ? You wouldn't get a small flat in some parts of London for that.

376 this morning, according to Bloomberg over the last 10 days BP buys have outstripped sells.

I reckon Obanana and his ass kissing female sidekick are talking it down so that they and their close friends can make a killing.

Obanana and his ass kissing female sidekick ....... you sound like a redneck.

No just a good Church of England boy. Born and bred in this Country

so was nick griffin i believe
meanwhile, smells more like smithfield on a friday in 16th century (burning heretics and others at the stake!)

NG not all that bad then. He would have a field day with OBanana I heard NG has joined the KKK

and of course marlboro cigarettes are well known for their disguised kkk symbol on the packet