Just caught up since last night... I Love Bp so much I have a paper share certificate :-) You think Bp has problems you want to see how the others work. IAMMee,I'm ex Air outsiders don't know the Golden rules and yet they constantly bash the company. I think the best Tony Did was sorting it out rather than letting the yanks deal with it,although it was a PR disaster
on an already stated and agreed maximum of 4 million barrels, with who? you get sadder by the day ... ha ha ha ...
The vast majority of people agree that BP will have the lost boxed off for $12 billion or so ... err who is that then? your homeboys on here? ha ha ha
A US civil trial has been set for 25 August 2014, regarding accusations that BP Plc committed fraud by misleading shareholders before and after the 2010 Gulf of Mexico oil spill about its ability to respond to the accident. The jury trial was scheduled by US District Judge Keith Ellison in Houston ... this will be the one ...
The most that BP can be hit with for fines under the CWA is $4000 per barrel if they are found GN, on an already stated and agreed maximum of 4 million barrels, so $16 billion is the max. If non GN, its $1000 a barrel, so $4 billion. $70 billion?! Oh dear :)
BP then also have to pay off the states, and also individuals who opted out of last years criminal settlement. The vast majority of people agree that BP will have the lost boxed off for $12 billion or so. BP will receive this exact sum in cash from Rosneft in a couple of weeks time, for their sold stake in TNK. Even if BP are stung for that $16, and then have to pay off the states etc, they can afford it. We've sold 40 billion in assets, so have plenty of cash in the bank, plus what we've got from other parties in the accident, and also saved in divis. In short, BPs current operation is still making pots of money, and yet has sold off a lot of assets to pay for the spill. The spill is already retrospectively paid for really.
Whotme. Whens your day release from the loony bin mate?
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
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