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.

Clubman are you Fred in disguise? No need for that!

i thought my comment was valid and seemingly struck a chord ..... i am surprised it drew the abuse that it did, though should one expect different from that quarter.

BP will put about $20 billion in an escrow account to pay for oil spill damages, a senior administration official tells CNN
a worthwhile gesture, but i would reckon several times (5x?) that will be required / demanded / extracted, and that is without the direct costs to BP in trying to stop the leak and associated stuff

BP up 4% in USA since the caning

The thing is when they get this well under control will it start producing as normal because on Bloomberg they have said it was thought to be an 8 year well now they think it's much bigger 30 to 40 year well.IMO this one huge well should pay for it's own accident and make a lot more for BP. Just a thought. Also do you think the American oil companys might want to take a competitor out of the market just another thought.IMO that last thought wont happen.

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.

Know all cynic forgot to mention the $20 million would be drip fed over the next 3.5 years

and do you think $20bn will cover the extent of BP's liabilities?.... personally, i don't think that it will come anywhere near, though for sure there has been some political deal cobbled together behind the scenes

even dow is not overly impressed as ADRs are currently $32.10 which i suppose is about +4% since london close

BP accident will be forgotten as soon as new terrorist act, or disaster occurs. BP will not pay any more, they are only agreeing to bananas demands to save their licences. A few million dollar bungs in the right places over the next few years will make it all go away.

no divis for BP as well.

as no divi's. does anyone think that the major pension fund holders will sell up and look elsewhere for their divi's. and if so where will the sp end ?

Already started Rob IMHO, probably gone into shares like IMT and BATS and with the hurricane season to come the SP is only going one way.

BP May Continue Drop Beyond 50% Fibonacci: By Alexis Xydias

June 16 (Bloomberg) -- BP Plc shares, which have plunged 47 percent since April, breached a key support level that technical analysts who follow Fibonacci retracements say indicates the slide may continue.

BP, which President Barack Obama last night accused of recklessness in causing the worst oil spill in U.S. history, yesterday fell below 347 pence, the 50 percent Fibonacci retracement between its 48.49 pence low in August 1992 and this years high of 646.94 pence on April 21, after adjusting for dividend payments. The next Fibonacci support level, or floor, is near 277 pence.

Its in freefall, there is no sign of a base, said Robin Griffiths, a technical analyst at Cazenove Capital Management Ltd. in London. We cant yet say you should be buying BP. The moment someone says weve stopped the leak, then we can start estimating the losses. But with the President doing what he is doing, you dont have a hope.

Fibonacci analysis assumes markets retrace earlier patterns in specific stages. A Fibonacci retracement level is created by taking two extreme points on a stock chart and sub-dividing a markets prior trend by key Fibonacci ratios of 38.2 percent, 50 percent and 61.8 percent. If a price breaks through one of the levels, it may signal a move toward the next resistance or support point.

BPs current price is also near the 328.24 level from which the shares doubled in October 2008. The stock rose 0.6 percent to 339.95 pence as of 12:35 p.m. in London, after earlier slipping to 338 pence.

Obama, speaking in a national address from the Oval Office, vowed that London-based BP will be required to spend whatever is needed to repair damage caused by the spill in the Gulf of Mexico, as the U.S. government said the well is gushing as much as 60,000 barrels of oil a day.

In technical analysis, investors and analysts study charts of trading patterns and prices to predict changes in a security, commodity, currency or index

with the imminent divi now scrapped as well as that for the next 2 quarters (at least), the outlook for sp on that basis alone is bleak .... now add the open-ended damage liability!

now the 347p initial fibb support level has been breached the next fib. floor of support equates to 277p but does t/a really mean a carrot in bps current predicament ? and in such a capricious bear of a mkt . l think not. What with hurricane season on the horizon and an oil slick the size of jamaica sloshing around the gulf whose to say where it all end up /lt could end up affecting nemerous other states and central americas and ... qui sait ? .. - sell trades of 23m, 14m 12m 11m and 10 million show big players zooming to the exits . l would expect a plethora of rns reg holdings very soon .....that obama waiter boy is savouring all this with his rash,inflamatory undiplomatic talk reg BP .My views reg. BP are well known but Obama is making this more of a political issue / and all this crap he talks about getting immediate help to those affected is utter poo !! People are still waiting for compensation from H. KATRINA AND THAT WAS 5 YEARS AGO !!..Why doesnt Obama give the same hard copy to media reg. trancocean and Haliburton and their operating shortcomings ..........Bp need a few heads to roll and someone like ...errrr Clubman to tell Obama how to walk the walk- :-)) ...... .....

Up 7% Hmmm?

Good news this morning. Now Obanana has saved his face, let BP get on fixing the hole.

BP upgraded to buy from hold at Collins Stewart, target price stays 450p

i knew i was going to be out today, so not half glad i shut my position just before closing last night

yeh sure you did my boy.

i do not need to prove either to arseholes like you or even other proper human beings

why do you keep stalking me like some obsessive goy queer? ... or perhaps you are