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: Gulf Oil Spill Costs Reach $1.25 Billion; Cap Effort Continues
By Jeffrey Sparshott
Of DOW JONES NEWSWIRES

LONDON (Dow Jones)

BP PLC (BP) Monday said the cost of its response to the Gulf of Mexico oil spill had reached $1.25 billion as it continued its attempts to contain leaking crude.

BP last week placed a containment cap on its ruptured oil well. From Thursday to Sunday, 16,600 barrels of oil had been collected, the company said.

"Optimization continues and improvement in oil collection is expected over the next several days. It will be a few days before an assessment can be made as to the success of this containment effort," BP said in a statement.

Scientists led by the U.S. Geological Survey have estimated 12,000 to 19,000 barrels of oil a day, at a minimum, were gushing into the Gulf from the well.

The cap is the latest in a series of procedures attempted by BP to contain the leak sprung by the explosion and sinking of the Transocean Ltd. (RIG) drilling rig Deepwater Horizon, which BP was leasing. The April accident killed 11 workers.

BP said it was too early to quantify costs and liabilities associated with the incident.

The $1.25 billion figure excludes $360 million for a Louisiana barrier islands construction project, BP said.

AT A GLANCE: BP Captures More Oil, Spill Consequences Grow

LONDON (Dow Jones)

BP PLC (BP) has reported some success in capturing oil leaking from the Macondo well in the Gulf of Mexico, but the cost continues to escalate and political pressure mounts on all sides for the embattled company.

CONTAINMENT: BP said Monday that on June 5 the cap it has attached to the top of the leaking well captured 10,500 barrels of oil out of an estimated 12,000-19,000 barrels a day gushing from the wellhead. Analysts hailed this as a long overdue success for the embattled company. "At last BP is able to show some progress on tackling the leak and this will put it in a less damaged position in tackling the political pressure which still remains a threat," said NCB Stockbrokers analyst Peter Hutton, who upgraded BP to hold from reduce on the news.

CLEANUP: More than 2,600 vessels, 2.2 million feet of containment boom and 2.4 million feet of sorbent boom have been deployed in the response effort. Approximately 368,000 barrels of oily liquid have been skimmed from the surface.

The containment success was providing little comfort to people already affected by oil contamination. In the resort of Gulf Shores, Ala., local officials lamented a flood of vacation cancellations and what they see as a second-rate clean-up operation since tar balls began hitting the white sands over the weekend.

Some claims may be exagerated (News report), with small fishermen making more via a claim than they did before the leak. Claims should only be as a % of the declared returns to their US inland revenue....BP better watch it!
From what I read, the Chairman is a liability and should be put out to grass (without compensation, please) before he really annoys everyone.
Will BP recover?, Sure, but I'm not really convinced this will stem the drift in sp - but it might. It all hangs on the dividend and how (if paid) the Americans respond. BP maybe has to ask the American public to vote for their dividend, (ie separately from other shareholders, and then at the agm we vote the same ), putting maybe 10% into an environmental fund that pays for research, etc.
I still hold a few, bought a tad lower than recently.

BP suffers $1bn setback in Siberia

The political storm engulfing BP intensified yesterday as the group came under renewed pressure on its Russian front.

Gazprom, the Kremlin-controlled gas monopoly, has raised new questions over the future of a giant gasfield in Siberia controlled by the British groups Russian joint venture TNK-BP.

As at least two international brokerages cut their recommendations on BP to neutral, citing spiralling costs from the Gulf of Mexico oil spill and a potential cut to the dividend, Gazprom piled on the pressure by ending hopes that it might buy Kovytka from TNK-BP for up to $1 billion.

CEO put under police protection

Police protection for family of BP boss Tony Hayward

Police have launched an operation to protect the family of Tony Hayward, BP's British boss, after they received hate mail and threatening phone calls.

By Alex Spillius in Washington
Published: 6:31PM BST 07 Jun 2010


Tony Hayward, BP chief executive, said he would not resign Photo: PA The chief executive's wife Maureen said the material had made her and her two children feel "rather uncomfortable" at their home in Kent.

The family has been targeted amid growing hostility to the firm in the United States for the spill that has so far leaked about one million barrels of oil into the Gulf of Mexico.

First Interim Dividend for 2010


TIDMBP.

RNS Number : 2283N
BP PLC
08 June 2010

?
8 June 2010
BP PLC
FIRST INTERIM DIVIDEND FOR 2010
PAYMENT OF DIVIDENDS IN STERLING
On 27 April 2010, the Directors of BP plc announced a first quarter interim
dividend for 2010 of US$0.14 per ordinary share (US$0.84 per ADS). The dividend
is to be paid on 21 June 2010 to holders of record on 7 May 2010.
The dividend is payable to holders of ordinary shares in cash in sterling or in
new ordinary shares to those who have elected to participate in the scrip
dividend programme. Sterling dividends payable in cash will be converted from
US dollars at an average of the market exchange rate over the four dealing days
from 2 June 2010 to 7 June 2010 (GBP1 = US$1.46492). Accordingly, the amount of
sterling dividend payable in cash on 21 June 2010 will be:
9.5568 pence per share.
As previously announced, the dividend payable to holders of American Depositary
Shares ('ADSs'), each of which represents six ordinary shares, will be US$0.84
per ADS. The dividend will be paid to holders of ADSs in cash in US dollars or
in new ADSs to those who have elected to participate in the scrip dividend
programme.
Details of the scrip dividend programme are available on the BP plc website at
www.bp.com/scrip.
David Pearl
Deputy Company Secretary

And there goes 4 quid!

UPDATE ON GULF OF MEXICO OIL SPILL RESPONSE

BP today provided an update on developments in the response to the MC252 oil well incident in the Gulf of Mexico.

Subsea Source Control and Containment

The lower marine riser package (LMRP) containment cap, installed on June 3, continues to collect oil and gas flowing from the MC252 well and transport them to the Discoverer Enterprise drillship on the surface.

In the first 12 hours of June 9 (midnight to noon), approximately 7,920 barrels of oil were collected and 15.7 million cubic feet of natural gas were flared. On June 8, a total of approximately 15,000 barrels of oil were collected and 29.4 million cubic feet of natural gas were flared.

Lightering - the transfer of crude oil from one vessel to another - from storage on the Discoverer Enterprise to the barge Massachussetts began on the morning of June 9 and continues. When the process is complete, the barge will transport the oil for discharge at an onshore terminal.

The volume of oil captured and gas flared is being updated twice daily on BP's website, www.bp.com. The LMRP containment cap never before has been deployed at these depths and conditions, and its efficiency and ability to contain the oil and gas cannot be assured.

Preparations for additional planned enhancements to the LMRP containment system continue to progress.

BP IS NOT AWARE OF ANY REASON FOR
SHARE PRICE MOVEMENT


BP notes the fall in its share price in US trading last night. The company is not aware of any reason which justifies this share price movement

BP continues to keep the market updated on the Gulf of Mexico oil spill through regular announcements. The response to this incident is our top priority.

BP faces this situation as a strong company. In March, we indicated that the company's cash inflows and outflows were balanced at an oil price of around $60/barrel. This was before the costs of the incident.

Oversold, and hammered down by huge short selling

Still in auction and I see the offer price is 3.2p!

351 and look at the buying, I am in at this price used the childrens uni fund

Can you put a chart up onto the header please.

In my Dreams hey .............. whatever, be below 3 come month end if not sooner - This is the start of the Double Dip for all shares. We are going to be in for a long Winter and only the strongest Companies will emerge the other side of this Depression. Looks like the Kids wont be going to Uni either there Clubman, good luck but personally think your crazy. This slides only just begun.

depends where you went short, but if only this morning, then you must be very singed indeed

AT A GLANCE: BP Shares Slump On Political Oil Spill Attacks
LONDON (Dow Jones)

Oil continues to flow into the Gulf of Mexico from BP PLC's (BP) Macondo well, affecting hundreds of miles of coastal beaches and marshes in Louisiana and Alabama. The spill was triggered by an explosion on April 20 that destroyed the Transocean Ltd. (RIG) drilling platform Deepwater Horizon, killing 11 crew members. BP has been scrambling to cap the well and contain the spill since.

COST AND CONSEQUENCES: BP shares suffered their worst collapse yet late Wednesday as the Obama administration ramped up its attacks on the company.

News that the White House wants BP to pay wages to any workers laid off as a result of the offshore drilling moratorium and that the Justice Department could take action against the company if it pays dividends saw BP close down almost 16% in New York. It opened 11% lower in London Thursday.

Its shares are trading at their lowest level for 13 years and almost GBP58 billion ($84 billion) has been wiped off its market value since the start of the disaster.

BP said Thursday that the scale of the collapse in its share price is not justified and reiterated that it has the financial strength to meet all costs related to the oil spill. It has spent $1.43 billion so far on the containment and cleanup operation, although most analysts expect the eventual price tag to be far higher.

Spooked traders drove BP credit default swaps to junk levels, according to Markit.

CONTAINMENT: BP is collecting around 15,000 barrels a day of oil through the cap it has attached to the leaking well. That figure is expected to increase as a second storage tanker arrives on the scene in the next few days.

Live video feeds show oil still gushing from the well head, stoking speculation that the spill may be higher than the 25,000 barrel-a-day top-end estimate from U.S. authorities.

CLEANUP: Oil continues to wash ashore on beaches and marshes in Louisiana and Alabama.

A research team said Tuesday it had found evidence of dead zones being drained of oxygen by huge plumes of oil many miles from the wellhead deep in the Gulf of Mexico. The study also revealed levels of methane gas dissolved in deep seawater that were between 100 times and 10,000 times higher than normally found in Gulf waters. Such unusually high levels of methane may be spurring the growth of microbes that, in turn, deplete the oxygen on which fish and other marine organisms depend.

BP's Chief Operating Officer, Doug Suttles, disputed these findings on NBC's "Today" program Wednesday, saying only "very minute quantities" of oil has been found under the Gulf waters.

WHAT'S NEXT: Analysts say a cut in the BP dividend is increasingly likely for political rather than financial reasons. Given the damage that current fear and speculation is doing to BP's share price, Morgan Stanley said the company's board should not wait to the second quarter results announcement on July 27 to make its position on the dividend clear.

-By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317; james.herron@dowjones.com

BP confirmed as buy at major brokers: BA-Merrill Lynch cuts target to 575p from 700p. Citigroup target cut to 590p from 730p. Reiterated overweight at JP Morgan. Also at Morgan Stanley, where target remains 600p.

I wonder if BP's "Live feed" isn't part of the problem? - this allows folk to worry about something they know little about.
=There are natural leaks and then there are man-made ones, I suspect this lies somewhere between the two, since no oil co wants to lose the oil they have invested much time/effort in discovery. In time it will be capped and America can return to being the greatest user of energy-per-capita, safe in the knowledge this field will provide for quite a long time yet.

I suspect (but don't know) that this should drive home to folk that they can't have oil without risk.

Interesting that City Brokers still have a significantly higher sp in mind. The panic today shows how careful Politicians need to be when there is a media-driven Public at large.

I hate those septics look what they are doing to BP again