BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Noble Energy Resumes Deep Water Drilling in the Gulf]]>http://www.bloggingstocks.com/2011/03/13/noble-energy-resumes-deep-water-drilling-in-the-gulf/http://www.bloggingstocks.com/2011/03/13/noble-energy-resumes-deep-water-drilling-in-the-gulf/http://www.bloggingstocks.com/2011/03/13/noble-energy-resumes-deep-water-drilling-in-the-gulf/#commentsFiled under: , ,

deepwater drillingThe turmoil in North Africa and the Middle East has put pressure on the Obama Administration to resume issuing permits for deep water drilling in the Gulf of Mexico. Noble Energy (NBL) was the first to obtain a permit since the BP (BP) disaster.

Noble is an international oil and gas exploration company that operates in the U.S. and internationally. In the U.S. it has operations on the West Coast, Rocky Mountains, mid continent and the Gulf of Mexico. Its international operations are located in the Middle East, South American and West Africa.

Continue reading Noble Energy Resumes Deep Water Drilling in the Gulf

Noble Energy Resumes Deep Water Drilling in the Gulf originally appeared on BloggingStocks on Sun, 13 Mar 2011 10:10:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>commoditiesdeep water drillingGulf of MexicoInthenewsNBLNoble EnergyoilSun, 13 Mar 2011 10:10:00 EST<![CDATA[BP to Begin Scaling Back Oil Cleanup]]>http://www.bloggingstocks.com/2010/07/30/bp-to-begin-scaling-back-oil-cleanup/http://www.bloggingstocks.com/2010/07/30/bp-to-begin-scaling-back-oil-cleanup/http://www.bloggingstocks.com/2010/07/30/bp-to-begin-scaling-back-oil-cleanup/#commentsFiled under: , , ,

BP Cleanup ProcessTwo weeks ago, BP plc (BP) was able to stop oil from spilling into the Gulf of Mexico. The company announced today that it was time to being scaling back on the cleanup process.

Since the spill began back in April, there has been over eleven million feet of boom deployed in the Gulf, but these only last for a certain number of tide cycles, and in areas where the company feels that beaches are not in danger, the boom will be removed.

Continue reading BP to Begin Scaling Back Oil Cleanup

BP to Begin Scaling Back Oil Cleanup originally appeared on BloggingStocks on Fri, 30 Jul 2010 17:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BPBP oil spillcleanupfeaturedFEMAfishinggulf of mexicogulf oil spillinthenewslee wittoilFri, 30 Jul 2010 17:00:00 EST<![CDATA[Will BP Remove CEO Tony Hayward?]]>http://www.bloggingstocks.com/2010/07/26/bp-ceo-tony-hayward/http://www.bloggingstocks.com/2010/07/26/bp-ceo-tony-hayward/http://www.bloggingstocks.com/2010/07/26/bp-ceo-tony-hayward/#commentsFiled under: ,

BP logoLots of reports surrounding embattled BP (BP) CEO Tony Hayward surfaced Monday morning. Some are saying that the company's board has made up its mind on Hayward's fate while other outlets are stressing that no decision has been made.

Whatever the board's current status, it sure seems like Tony Hayward has one foot out of the door and his demise is related directly to the Gulf of Mexico oil spill. Moreover, it appears that the company has tapped Bob Dudley to take over. Dudley is in charge of the cleanup and would be BP's first foreign CEO (Dudley is a U.S. citizen).

Continue reading Will BP Remove CEO Tony Hayward?

Will BP Remove CEO Tony Hayward? originally appeared on BloggingStocks on Mon, 26 Jul 2010 11:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BPgulf of mexicogulf oil spillinthenewsoil spilltony haywardTony Hayward firedTony Hayward removalMon, 26 Jul 2010 11:30:00 EST<![CDATA[Big Oil's $1 Billion Rapid Response Venture: Too Little, Too Late]]>http://www.bloggingstocks.com/2010/07/23/xom-cvx-cop-rdsa-rapid-response-venture/http://www.bloggingstocks.com/2010/07/23/xom-cvx-cop-rdsa-rapid-response-venture/http://www.bloggingstocks.com/2010/07/23/xom-cvx-cop-rdsa-rapid-response-venture/#commentsFiled under: , , , , ,

The new joint-venture formed by Exxon-Mobil (XOM), Chevron (CVX), ConocoPhilips (COP) and Royal Dutch Shell (RDS.A) as a rapid response system to the Gulf of Mexico oil spill is best characterized as too little, too late.

The companies have initially committed a measly $1 billion to the force. A fund with a starting point of $20 billion-$30 billion would have been more appropriate and practical. The enormity and complexity of the BP's (BP) Deepwater Horizon oil spill demonstrates how quickly a contain-and-cap operation can shoot over $1 billion. Oil fell 56 cents to $78.74 per barrel in Friday morning trading.

Continue reading Big Oil's $1 Billion Rapid Response Venture: Too Little, Too Late

Big Oil's $1 Billion Rapid Response Venture: Too Little, Too Late originally appeared on BloggingStocks on Fri, 23 Jul 2010 11:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>big oilCongressGulf of MexicointhenewsMarine Well Containment Companyoil spillrapid responseFri, 23 Jul 2010 11:30:00 EST<![CDATA[Noble to Acquire Frontier Drilling]]>http://www.bloggingstocks.com/2010/06/28/noble-to-acquire-frontier-drilling/http://www.bloggingstocks.com/2010/06/28/noble-to-acquire-frontier-drilling/http://www.bloggingstocks.com/2010/06/28/noble-to-acquire-frontier-drilling/#commentsFiled under:

Noble Corporation (NE) announced Monday morning that it has entered a definitive merger agreement with FDR Holdings, also known as Frontier. The deal values the joint venture at $2.16 billion. NE expects the deal to close by the end of July, and noted that it will be accretive to cash flow immediately and to earnings in 2011. NE will acquire a fleet of roughly 23 rig years of contracts that generate roughly $3.2 billion in gross contract backlog.

NE CEO David W. Williams sated that, "Frontier is an excellent strategic addition to NE's existing asset, customer and employee base ... This acquisition is a highly complementary extension of our mid- and deepwater presence and positions us for additional growth in new market segments that can provide further opportunities for Noble and our customers."

Continue reading Noble to Acquire Frontier Drilling

Noble to Acquire Frontier Drilling originally appeared on BloggingStocks on Mon, 28 Jun 2010 09:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>acquisitionFDR HoldingsfeaturedFrontierGulf of MexicointhenewsmergerNENobleMon, 28 Jun 2010 09:00:00 EST<![CDATA[BP Hits New Low as Company Continues to Deal with Oil Spill]]>http://www.bloggingstocks.com/2010/06/25/bp-hits-new-low-as-company-continues-to-deal-with-oil-spill/http://www.bloggingstocks.com/2010/06/25/bp-hits-new-low-as-company-continues-to-deal-with-oil-spill/http://www.bloggingstocks.com/2010/06/25/bp-hits-new-low-as-company-continues-to-deal-with-oil-spill/#commentsFiled under: , , , ,

BP oil spillSince the April 20th explosion of BP's (BP) deepwater rig Horizon, the stock has been steadily falling, and shares fell to a 14 month low today.

The stock finished the day down 6% to $26.97, down $1.77, and traded as low as $26.83 during the day.

Oil has been gushing into the Gulf of Mexico for 62 days now, and no one is expecting BP to be able to stop it until at least August, and that is assuming that the two relief wells the company is drilling will be ready in time.

Continue reading BP Hits New Low as Company Continues to Deal with Oil Spill

BP Hits New Low as Company Continues to Deal with Oil Spill originally appeared on BloggingStocks on Fri, 25 Jun 2010 17:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BPfeaturedgulf of mexicoGulf of Mexico oil spillGulf of Mexico spillinthenewsoiloil spillFri, 25 Jun 2010 17:00:00 EST<![CDATA[Costs for BP Oil Spill Hit $2 Billion]]>http://www.bloggingstocks.com/2010/06/21/bp-oil-spill-costs-hit-2-billion/http://www.bloggingstocks.com/2010/06/21/bp-oil-spill-costs-hit-2-billion/http://www.bloggingstocks.com/2010/06/21/bp-oil-spill-costs-hit-2-billion/#commentsFiled under:

Monday morning, BP (BP) announced that the costs of the Gulf of Mexico oil spill have hit $2 billion.

What's more, it is the 60th day for the Deepwater Horizon oil spill, and it sure doesn't seem like a solution is forthcoming. BP is already paying for spill containment, relief well drilling, grants to Gulf states, and the construction of sand barriers to protect coastal areas, but it will also pay claims from local businesses and potential litigation from Anadarko Petroleum (APC). For those unfamiliar with APC's part in the spill, it owns 25% interest in the Macondo well and is accusing BP of "reckless" decisions that lead to the rig explosion on April 20.

Continue reading Costs for BP Oil Spill Hit $2 Billion

Costs for BP Oil Spill Hit $2 Billion originally appeared on BloggingStocks on Mon, 21 Jun 2010 13:10:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bpbp oil spillfeaturedgulf of mexicogulf of mexico oil spillinthenewstechnical analysisMon, 21 Jun 2010 13:10:00 EST<![CDATA[BP Trades Lower as CEO Testifies Before Congress]]>http://www.bloggingstocks.com/2010/06/17/bp-trades-lower-as-ceo-testifies-before-congress/http://www.bloggingstocks.com/2010/06/17/bp-trades-lower-as-ceo-testifies-before-congress/http://www.bloggingstocks.com/2010/06/17/bp-trades-lower-as-ceo-testifies-before-congress/#commentsFiled under: , , , , ,

bp oil spillShares of BP plc (BP) closed today's trading slightly lower, as the company's CEO, Tony Hayward, appeared before Congress today to discuss the oil blowout in the Gulf of Mexico.

BP has been under fire for the April 20th explosion that has resulted in the nation's largest environmental disaster, and today the company's CEO was in front of Congress to answer allegations that the company took cost cutting measures on the oil rig that it knew resulted in safety risks.

Continue reading BP Trades Lower as CEO Testifies Before Congress

BP Trades Lower as CEO Testifies Before Congress originally appeared on BloggingStocks on Thu, 17 Jun 2010 18:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BPBP oil spillgulf of mexicoGulf of Mexico oil spillgulf oil spillinthenewsoilTony HaywardThu, 17 Jun 2010 18:30:00 EST<![CDATA[Analysts Upgrade BP to Buy?]]>http://www.bloggingstocks.com/2010/06/17/bp-upgraded-to-buy/http://www.bloggingstocks.com/2010/06/17/bp-upgraded-to-buy/http://www.bloggingstocks.com/2010/06/17/bp-upgraded-to-buy/#commentsFiled under: , ,

After calls from a U.S. congressman for BP (BP) executives to commit hara-kiri and following President Obama's successful pressure on the company to set up a $20 billion escrow account, cancel $7.8 billion in dividend and sell $10 billion assets, a few analysts decided it couldn't get any worse and upgraded the oil giant shares to buy.

It's been nearly two months since BP's Deepwater Horizon rig exploded in the Gulf of Mexico, causing a massive oil spill -- that's still hasn't been resolved -- and the worst environmental disaster in U.S. history. Shares of the company were nearly halved as the cleanup cost estimates have swelled.

And as the agreements with Obama lifted some of the uncertainty, triggering a relief rally, some analysts also opted to upgrade BP shares.

Continue reading Analysts Upgrade BP to Buy?

Analysts Upgrade BP to Buy? originally appeared on BloggingStocks on Thu, 17 Jun 2010 10:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>analystBank of America Merrill LynchbpCollins StewartCreditSightsdeepwater horizondowngradeEvolution Securitiesfeaturedgulf of mexicointhenewsoil spillSeymour PierceupgradeThu, 17 Jun 2010 10:00:00 EST<![CDATA[Exxon Mobil and Chevron Executives Say BP Spill Unlikely to Repeat]]>http://www.bloggingstocks.com/2010/06/15/exxon-mobil-and-chevron-executives-say-bp-spill-unlikely-to-repe/http://www.bloggingstocks.com/2010/06/15/exxon-mobil-and-chevron-executives-say-bp-spill-unlikely-to-repe/http://www.bloggingstocks.com/2010/06/15/exxon-mobil-and-chevron-executives-say-bp-spill-unlikely-to-repe/#commentsFiled under: , , , , ,

oil execs before CongressIn the wake of the environmental disaster stemming from the BP (BP) oil spill in the Gulf of Mexico, Congress summoned oil officials to testify over the safety of their offshore drilling.

The oil spill that started back on April 20 when one of BP's offshore drilling platforms exploded continues to leak into the ocean, and could take up to another two months to stop. Following the accident, President Obama imposed a six-month moratorium on deep-water drilling and Congress is now trying to determine the likelihood of another disaster taking place.

Continue reading Exxon Mobil and Chevron Executives Say BP Spill Unlikely to Repeat

Exxon Mobil and Chevron Executives Say BP Spill Unlikely to Repeat originally appeared on BloggingStocks on Tue, 15 Jun 2010 13:50:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BPBP oil disasterbp oil spillChevroncongressCVXExxon Mobilfeaturedgulf of mexicoGulf of Mexico oil spillgulf oil spillinthenewsjohn watsonoiloil spillRex TillersontestimonyXOMTue, 15 Jun 2010 13:50:00 EST<![CDATA[JPMorgan Shifts Coverage of Offshore Drillers]]>http://www.bloggingstocks.com/2010/06/10/j-p-morgan-shifts-coverage-of-offshore-drillers/http://www.bloggingstocks.com/2010/06/10/j-p-morgan-shifts-coverage-of-offshore-drillers/http://www.bloggingstocks.com/2010/06/10/j-p-morgan-shifts-coverage-of-offshore-drillers/#commentsFiled under: , ,

JPMorgan Thursday morning rearranged its ratings on four oil service companies -- a reflection of the broker's shift toward large-cap oil firms and away from offshore drillers. While JPMorgan upgraded Baker Hughes (BHI) to overweight and Weatherford (WFT) to neutral, it cut Ensco (ESV) to neutral and reiterated Transocean (RIG) at neutral.

The brokerage's logic behind the BHI, WFT and ESV calls makes sense. But I am not too sure about the move on Transocean. Keeping in mind that Transocean is the owner of the Deepwater Horizon rig (leased to BP) that blew up and caused the massive oil spill in the Gulf of Mexico, JPMorgan believes that Wednesday's 8% drop in the stock was based on emotion, saying the stock is a "moving target."

Continue reading JPMorgan Shifts Coverage of Offshore Drillers

JPMorgan Shifts Coverage of Offshore Drillers originally appeared on BloggingStocks on Thu, 10 Jun 2010 10:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Baker HughesBHIDeepwater HorizonDeepwater Horizon oil spillEnscoESVfeaturedGulf of MexicoGulf of Mexico oil spillinthenewsoil spilltechnical analysisWeatherfordWFTThu, 10 Jun 2010 10:00:00 EST<![CDATA[BP Oil Spill Liability Estimated at $40 Billion]]>http://www.bloggingstocks.com/2010/06/02/bp-oil-spill-liability-estimate/http://www.bloggingstocks.com/2010/06/02/bp-oil-spill-liability-estimate/http://www.bloggingstocks.com/2010/06/02/bp-oil-spill-liability-estimate/#commentsFiled under: , ,

BP Plc (BP) is facing many problems as a result of the oil spill in the Gulf of Mexico -- and now we are getting an idea of the financial ramifications of the spill (or at least one research firm's estimate). According to research firm Tudor Pickering Holt, BP and other companies face a liability of $35 billion to $40 billion as a result of the ongoing oil spill in the Gulf.

Analysts from the firm compared the current spill to the costs associated with the Exxon Valdez spill and added in some timing estimates and "guess work" to come up with a potential price tag. The analysts told Fox Business, "You've got to try and put some realistic projections on oil spill liability before you can try to value any stock involved."

Continue reading BP Oil Spill Liability Estimated at $40 Billion

BP Oil Spill Liability Estimated at $40 Billion originally appeared on BloggingStocks on Wed, 02 Jun 2010 11:10:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BPbp oil spillfeaturedgulf of mexicogulf oil spillinthenewsoil spillTudor Pickering HoltWed, 02 Jun 2010 11:10:00 EST<![CDATA[Criminal Investigation Launched over BP Oil Spill]]>http://www.bloggingstocks.com/2010/06/01/criminal-investigation-launched-over-bp-oil-spill/http://www.bloggingstocks.com/2010/06/01/criminal-investigation-launched-over-bp-oil-spill/http://www.bloggingstocks.com/2010/06/01/criminal-investigation-launched-over-bp-oil-spill/#commentsFiled under: , , , , ,

BP logoIt really is hard to believe that is has been six weeks since BP's (BP) oil well exploded and sank in the gulf, and even harder to believe that the company has still not been able to stop oil from leaking out into the ocean.

Everyone wants answers to what exactly led to the to oil rig's explosion, and today the U.S. Attorney General Eric Holder stated that a criminal investigation had been launched into the matter to determine which, if any, laws were broken leading up to the disaster.

Continue reading Criminal Investigation Launched over BP Oil Spill

Criminal Investigation Launched over BP Oil Spill originally appeared on BloggingStocks on Tue, 01 Jun 2010 18:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>attorney generalBPbp oil spillgulf of mexicointhenewslawoil spillTue, 01 Jun 2010 18:30:00 EST<![CDATA[Battle to 'Structure the Debate' on Off-Shore Oil Drilling Has Just Begun]]>http://www.bloggingstocks.com/2010/05/27/battle-to-structure-the-debate-on-off-shore-oil-drilling-has-j/http://www.bloggingstocks.com/2010/05/27/battle-to-structure-the-debate-on-off-shore-oil-drilling-has-j/http://www.bloggingstocks.com/2010/05/27/battle-to-structure-the-debate-on-off-shore-oil-drilling-has-j/#commentsFiled under: , ,

In Washington, he who 'structures the debate' usually wins the public policy war.

Case in point: The impact of BP Plc.'s (BP) Gulf of Mexico oil spill on off-shore drilling. Even as public and private groups work feverishly to plug the leak, a battle to 'structure the debate' regarding the spill is going on at a similar pace.

If the oil spill is deemed roughly analogous to a commercial jetliner that crashed due to a pilot's error, there should be little concern about the fate of current and future off-shoring oil drilling projects.

Continue reading Battle to 'Structure the Debate' on Off-Shore Oil Drilling Has Just Begun

Battle to 'Structure the Debate' on Off-Shore Oil Drilling Has Just Begun originally appeared on BloggingStocks on Thu, 27 May 2010 17:45:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BPGulf of Mexicointhenewsoff-shore drillingoil spillThu, 27 May 2010 17:45:00 EST<![CDATA[BP to Decide on Latest Attempt to Stop the Leak]]>http://www.bloggingstocks.com/2010/05/26/bp-latest-attempt-to-stop-oil-leak/http://www.bloggingstocks.com/2010/05/26/bp-latest-attempt-to-stop-oil-leak/http://www.bloggingstocks.com/2010/05/26/bp-latest-attempt-to-stop-oil-leak/#commentsFiled under:

It's already Wednesday but BP (BP) is still trying to decide whether to use its "top kill" method to stop the oil gushing out of a broken well at the bottom of the Gulf of Mexico. It's been more than a month since the explosion that caused the massive spill. The latest attempt includes "force-feeding" the leak with "heavy drilling mud and cement."

BP's CEO Tony Hayward told NBC's Today show that the "top kill" procedure could happen Wednesday if he okays the procedure. This is just the latest in a series of attempts by BP to stem the tide of flowing black gold from the busted pipeline.

Continue reading BP to Decide on Latest Attempt to Stop the Leak

BP to Decide on Latest Attempt to Stop the Leak originally appeared on BloggingStocks on Wed, 26 May 2010 10:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BPDeep Horizon Oil Rigecological disasterecologygulf of mexicogulf of mexico oil spillinthenewsOil Spillpr disasterWed, 26 May 2010 10:30:00 EST<![CDATA[BP Hopes to Stop Oil Leak (and Stock Slide) Next Week]]>http://www.bloggingstocks.com/2010/05/22/bp-oil-spill/http://www.bloggingstocks.com/2010/05/22/bp-oil-spill/http://www.bloggingstocks.com/2010/05/22/bp-oil-spill/#commentsFiled under: , ,

BP Oil SpillIt's has been over a month since BP's (BP) oil well in the Gulf of Mexico exploded and collapsed, and the company has still not been able to stop the flow of oil into the ocean. The company's engineers are now hoping that they finally will be able to stop the leak as early as the 25th.

There has been a lot of debate over just how much oil is being leaked into the ocean. One thing is for sure: any oil is too much oil. Everyone is waiting to hear the good news that BP has been able to successfully stop the oil from spewing into the gulf.

Continue reading BP Hopes to Stop Oil Leak (and Stock Slide) Next Week

BP Hopes to Stop Oil Leak (and Stock Slide) Next Week originally appeared on BloggingStocks on Sat, 22 May 2010 09:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BPfeaturedfloridagulf of mexicointhenewsloop currentoil cleanupoil leakoil spillwildlifeSat, 22 May 2010 09:40:00 EST<![CDATA[Time to Consider Shorting Halliburton?]]>http://www.bloggingstocks.com/2010/05/18/short-city-halliburton/http://www.bloggingstocks.com/2010/05/18/short-city-halliburton/http://www.bloggingstocks.com/2010/05/18/short-city-halliburton/#commentsFiled under: ,

The stock chart of oil services company Halliburton Company (HAL) has formed a double-top, a bearish technical pattern, and could also become a bear-hug.

The stock broke below the key, 50-day moving average right about the time of the Gulf of Mexico oil spill, and has since dropped below the 200-day moving average -- the toughest moving average to break in trading.

Continue reading Time to Consider Shorting Halliburton?

Time to Consider Shorting Halliburton? originally appeared on BloggingStocks on Tue, 18 May 2010 17:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>featuredgulfgulf of mexicohaliburtonoffshore drillingoilTue, 18 May 2010 17:00:00 EST<![CDATA[Obama Reacts to What He Calls a 'Ridiculous Spectacle']]>http://www.bloggingstocks.com/2010/05/15/obama-reacts-to-BP-oil-spill/http://www.bloggingstocks.com/2010/05/15/obama-reacts-to-BP-oil-spill/http://www.bloggingstocks.com/2010/05/15/obama-reacts-to-BP-oil-spill/#commentsFiled under: , , , , ,

BP oil spillIt has been three weeks since a BP (BP) oil rig exploded and sank in the Gulf of Mexico, and still the company has not been able to stop oil from spewing into the gulf. Friday, the companies involved got a earful from President Obama.

The three companies involved in the oil spill are BP, Transocean Offshore (RIG) and Halliburton (HAL).

Continue reading Obama Reacts to What He Calls a 'Ridiculous Spectacle'

Obama Reacts to What He Calls a 'Ridiculous Spectacle' originally appeared on BloggingStocks on Sat, 15 May 2010 09:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BPfeaturedgulf of mexicoHALhalliburtonHalliburton HALinthenewsobamaoiloil spillRIGtransocean offshoreSat, 15 May 2010 09:40:00 EST<![CDATA[BP Upgraded Even as Questions Remain]]>http://www.bloggingstocks.com/2010/05/05/bp-upgraded-even-as-questions-remain/http://www.bloggingstocks.com/2010/05/05/bp-upgraded-even-as-questions-remain/http://www.bloggingstocks.com/2010/05/05/bp-upgraded-even-as-questions-remain/#commentsFiled under: , ,

U.K. brokerage house Panmure Gordon upgraded BP (BP) Wednesday, elevating the oil company rating to buy from sell. Panmure Gordon contends that the market reaction to the oil spill in the Gulf of Mexico is overdone, citing that it is unlikely BP will have to cut its dividend.

The oil firm could pay as much as $2 billion to bring the well under control, the rating house said. In addition, BP will have to pay 65% of the estimated $10 billion cost on damage to fishing and tourism along with $75 million punitive damages. Yes, BP could be fined $75 million for destroying the Gulf of Mexico (more or less). This fine could become greater if BP is found grossly negligent or if it engaged in willful misconduct.

Continue reading BP Upgraded Even as Questions Remain

BP Upgraded Even as Questions Remain originally appeared on BloggingStocks on Wed, 05 May 2010 10:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BPfeaturedGulf of MexicoGulf of Mexico oil spillinthenewsoiloil spillWed, 05 May 2010 10:00:00 EST<![CDATA[Oil Spill: Too Many Unknowns for Investors]]>http://www.bloggingstocks.com/2010/05/05/oil-spill-more-unknowns-than-knowns-at-this-stage/http://www.bloggingstocks.com/2010/05/05/oil-spill-more-unknowns-than-knowns-at-this-stage/http://www.bloggingstocks.com/2010/05/05/oil-spill-more-unknowns-than-knowns-at-this-stage/#commentsFiled under: ,

Gulf oil spillAny institution that says it can forecast with any confidence the impact of the BP Plc. (BP) Gulf of Mexico oil spill on energy policy is asking someone to put a lot of trust in the organization's powers of prediction -- certainly more than an investor should.

And the reason is obvious enough: The scope of the oil spill's damage will vary depending on the weather, ocean currents, the size of the spill, technology, the size of the containment and repair effort -- all of which may vary over the coming weeks.

What is certain is that the spill has damaged the environment and restructured the energy debate in Washington. Before the spill, the assumption was that oil companies had plans in place to deal with a large, offshore spill. BP has demonstrated that some oil companies may not -- a reality that throws into doubt the safety of deep-water drilling for oil. How can you drill one, two, three miles below sea-level if it's uncertain that the company can contain a spill, and even less likely that it can do so quickly?

Continue reading Oil Spill: Too Many Unknowns for Investors

Oil Spill: Too Many Unknowns for Investors originally appeared on BloggingStocks on Wed, 05 May 2010 09:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Gulf of Mexicooffshore drillingoil spillWed, 05 May 2010 09:00:00 EST