BP are going to be hit for 80+Billion in fines for G,N, only a fool would hold out for anything other, unless as one on here does and lives in La-La land., then they have another 65-70 Billion to find under CWA. they are finished. They will be snapped up, and at a price that will suit me fine. As a company they will cease to exist, they are desperately seeking new upstream sources, and there aren't many of those left. They are just not competitive enough right now, but they will be an excellent resource for a more responsible company, with the various arms and functional components being put to use in environments as risky as the GOM, and to some extent they will be allowed a degree of acknowledgement for their expertise - even if it is bl**dy frightening how they go about things. Even if they survive, the sp won't go far - what say £6 in two years ... they really aren't worth more, they've had their day ... no trust, bad bad reputation, no new business to speak of, yes they are for yesterdays people alright ...
(Reuters) - BP's oil trading division, the alma mater for a generation of the world's top traders and a former cash-generating machine, is under greater scrutiny after becoming a weak link for the oil major.
The company says the unit, which once generated a tenth of profits, was responsible for its failure to fully deliver on a pledge to improve performance at its refining division.
BP last restructured its trading desk in 2010 to put more focus on fast growing markets in China and India, and denies more big changes are planned: "Major interventions are neither considered necessary nor are contemplated," it said in a statement.
But industry sources and former insiders say the weak performance has sparked an internal debate about the unit. The developments at BP, once the most powerful oil trading desk, highlight generally weak performances across many trading units at oil majors and trading houses over the past three years due to relatively low market volatility.
"If earnings drop too close to the cost level, the reforms debate will intensify," one former BP trading insider said.
Another former BP insider, now with a rival, said: "For the first time in a generation there is a debate, soul searching going on at their trading desk as people are asking questions - have we lost our competitive advantage?"
BP can bid in next week's Central Gulf offshore lease sale: US BOEM Washington (Platts)--14Mar2013/258 pm EDT/1858 GMT
BP can bid in next week's Central Gulf of Mexico offshore lease sale, but will be disqualified if, after a 90-day review, the company remains under the suspension that was imposed on federal contracts after its guilty plea to Macondo oil spill-related charges, the US Department of Interior said Thursday.
The Bureau of Ocean Energy Management said it will accept bids from BP and its affiliated companies in Lease Sale 227, which will be held next week in New Orleans. BOEM also laid out the procedure it would follow to determine whether those leases can be ultimately awarded.
On leases where BP is the high bidder, BOEM said it will follow its standard procedure where it evaluates whether bids reflect fair market value. That process usually takes about 90 days, BOEM said.
"Accordingly, each individual lease award decision pertaining to BP high bids will be made when each applicable individual fair market evaluation analysis is completed," BOEM said.
If the suspension, which was imposed by the Environmental Protection Agency, has not been lifted at that point, then the second-highest bidder would be notified, asked to submit the usual deposit and then would have to undergo the same 90-day fair market value evaluation, the agency said.
BP did not submit any bids in the Western Gulf lease sale held on November 28, the same day the EPA issued its suspension that prevented the company from entering into any new government contracts, including offshore oil and gas leases.
The company has not said whether it would participate in next week's Central Gulf sale. BP is typically a major player in Central Gulf sales because of the significant deepwater fields in the area. BP's Macondo well was in the Gulf's Mississippi Canyon in the Central Gulf, off the coast of Louisiana.
BP officials did not immediately return a call for comment.
--Gary Gentile, firstname.lastname@example.org --Edited by Jeff Barber, email@example.com
Well said. The USA wants to be self sufficient by 2020, and its well on the way. Exxon, Chevron, CP etc will gladly take over the GoM, if forcing BP out is the US's intention. I dont see it personally though, and BP has a place in the USA. If they hit us with 20 billion, then fine, no pun intended. By the time it happens, has been appealed etc, BP will have more than got the cash together and will be just as profitable. BP needs to find new production anyway, even forgetting America.
Theres no sense in talking sense to Whartme. Hes only interested in badmouthing BP, and refuses to sell his so called holding, despite knowing that 350p and a GN ruling is coming. Sensible eh?
good luck waiting for the big rise ?? In my humble opinion i think they will save 5 billion by fighting this case and i also think if they lose they will take this to a international court ?? but they also know there days in the usa are numbered thats why they have got into bed with the russians and reliance in India asia is BPs new stomping ground !!! In fact i think they should have the guts to tell the yanks to get stuffed and stick there fines where the sun dont shine !!
yes, had a few blisters along the way ... I did offload a chunk in 500s, then got some more around 400, but these penny rises and falls are no good ... waiting for the big one to see me in and then out for good... I am to be found south of Florence It. perfect place to curl up ones toes when the time comes ...
you win the bragging rights?? and if BP are such a bad co. why are you even giving them your time the way you talk it can only be a shorters market and if you have been shorting lately you have been burnt a few times if your in at 299 you should have sold when they went back to the 510s by the way where do you live abroad??
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