Posts Tagged ‘gulf of mexico’

BP Floods Gulf of Mexico with Oil, Is Subsequently First in Line to Receive Offshore Drilling Permit

Wednesday, March 9th, 2011

“(Reuters) – BP Plc (BP.L)(BP.N), whose Macondo well blowout in the Gulf of Mexico caused the worst offshore oil spill in U.S. history last year, co-owns the well that received the first deepwater drilling permit since the disaster.

BP is Noble Energy Inc’s (NBL.N) partner in the well, holding a 46.5 percent interest, BP said.”

What do you think?

If BP owns less than 50% of Noble Energy, how much influence do BP executives have over Noble’s business activities? Would an ownership percentage like this affect your decision to invest in a company like Noble?

BP May Have Something To Be Optimistic About

Wednesday, July 14th, 2010

BP originally planned to cap the oil leak in the Gulf of Mexico in mid-August, but they now plan to do so by the end of July.

  • BP claims that the clean-up efforts are ahead of schedule.
  • July 27 – the target cap date – is also the day 2nd quarter earnings are reported.
  • BP states that they have several back up plans in case primary capping efforts fail.
  • BP was encouraged by the Environmental Protection Agency to create a new device – an “autonomous subsea dispersant system”– to monitor and measure chemicals used underwater to break up the oil.

Facts and Figures

  • BP has lost almost half of its market capitalization since the spill in April.
  • BP is currently drilling 2 relief wells.
  • Hurricane season – which directly affects the Gulf – is imminent and worrisome.

Best Quote

“Force yourself to think each one will fail. We’re in new territory full of perils, and nothing is a slam dunk.” – Steve Chu, United States Secretary of Energy