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Share Price Information for BP (BP.)

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Share Price: 512.00
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Change: 2.60 (0.51%)
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Open: 508.50
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2nd UPDATE: BP Resumes Collecting Oil At Vessel On Spill Site

Sat, 19th Jun 2010 00:44

(Updates with new details about amounts of oil and gas captured from the leaking well as well as amount of claims paid by BP.) HOUSTON (Dow Jones)--BP Plc (BP, BP.LN) said that 8,480 barrels of oil were recovered and 16.9 million cubic feet of natural gas were flared between midnight and noon on Saturday, as a large drillship that stopped collecting oil overnight due to a malfunction resumed operations. The Discoverer Enterprise, a drillship that collects oil and flares natural gas from a mile-deep well in the Gulf of Mexico through a long pipe, stopped operating Friday after a flame arrestor--a device designed to keep oil from burning--stopped late Friday, diminishing the rate at which the company recovered oil. The ship's work restarted at 6.30 a.m. CDT and "has been building up to stable rates since," BP said in a press release Saturday afternoon. A second, smaller collecting vessel, the Q4000, continued operating throughout the interruption, BP said. BP said that about 24,500 barrels of oil were captured Friday. Some 14,400 barrels were collected, and 10,100 barrels were flared. In addition, the company flared about 47.4 million cubic feet of natural gas. The technical hiccup came a day after BP captured a record amount of oil--more than 25,000 barrels of oil Thursday--after bringing in the Q4000. The company was expecting to ramp up its recovery rate to more than 50,000 barrels a day by the end of the month and to as much as 80,000 by mid-July by bringing in additional equipment. BP spokesman Robert Wine said that the ramp up back to full capacity will be "steady and cautious," in order to avoid undue risk. The interruption underscores the complexity--and fragility--of the oil-collecting operation, which mitigates some of the effect of the spill, currently estimated at between 35,000 and 60,000 barrels per day. BP is under intense pressure to contain a spill that continues to grow nearly two months after its leased rig, the Deepwater Horizon, exploded and sank some 50 miles from the Louisiana shore, killing 11 and generating the worst environmental disaster the area has seen. Even as collection efforts at the surface intensify, BP is moving forward with a parallel strategy to permanently shut down the leaking well by intersecting it with another well and flooding it with cement. Currently that relief well is moving ahead of schedule, but the drilling operation will have to slow down in coming days as it enters a critical phase, BP Chief Operating Officer Doug Suttles said in a conference call Friday. BP, which has been criticized for slowness and disorganization in its effort to keep the oil from reaching the shore, received harsh words from Plaquemines Parish President Billy Nungesser on Saturday. He said that dozens of workers were sitting idle on boats at a staging area in Myrtle Grove, La., where response boats usually depart for Barataria Bay, despite having "fine" weather at 10 a.m. "This is infuriating. We continue to stress how important it is to get out early and at 10 a.m. no one was out on the water yet," Nungesser said in a statement. "There's no sense of urgency." BP's Wine confirmed in an email that some workers were standing down. "Weather has been an issue around the area today and we will not send people out if storms are in the area. Some Parish divisions were out operating, but called back due to weather concerns." The company said in a press release Saturday that it has paid $104 million in damage claims to residents of the Gulf Coast since the spill began. The company has set up 33 claims offices in the region, and 1,000 people are working to process the more than 64,000 claims that have been received to date. On Friday, Kenneth Feinberg, the government-appointed administrator for a $20 billion BP-funded escrow destined to compensate Gulf residents for their loss, said he would try to build on the claims system the company has set up to make reimbursements speedier. -By Angel Gonzalez, Dow Jones Newswires; 713-547-9214;angel.gonzalez@dowjones.com (END) Dow Jones Newswires June 19, 2010 19:44 ET (23:44 GMT)
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21 Mar 2024 15:00

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19 Mar 2024 16:57

LONDON MARKET CLOSE: European large-caps rise on eve of Fed decision

(Alliance News) - Blue-chip stock prices in Europe closed higher on Tuesday, showing little signs of nerves ahead of Wednesday's Federal Reserve decision and UK inflation reading.

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19 Mar 2024 11:52

LONDON MARKET MIDDAY: European markets flat ahead of Fed and BoE

(Alliance News) - Stock prices in London were down at midday on Tuesday, as investors sat on their hands ahead of interest rate decisions from the UK and US.

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18 Mar 2024 11:49

LONDON MARKET MIDDAY: FTSE 100 as shakes off pre-interest rate nerves

(Alliance News) - Stock prices in London were higher at midday Monday, as eyes were firmly on interest rate decisions across the globe.

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15 Mar 2024 13:07

IN BRIEF: Costain wins place on GBP4 billion carbon capture project

Costain Group PLC - Maidenhead, Berkshire-based construction and engineering firm - Selected as one of nine specialist partners to deliver a carbon capture project beneath the North Sea off the east cost of England. The engineering, procurement, and construction contracts for the East Coast Cluster have a combined value of around GBP4 billion, Costain says. The contracts will be with Net Zero Teesside Power and the Northern Endurance Partnership. NZT Power is a electricity generating joint venture of the UK's BP PLC and Norway's Equinor. NEP is a joint venture of BP, Equinor and France's TotalEnergies SE that will provide CO2 transport and storage for the East Coast Cluster. Final investment decisions are expected in September or earlier, with the projects aiming for commercial operations from 2027.

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15 Mar 2024 12:11

LONDON MARKET MIDDAY: FTSE 100 underperforms despite mining, oil boost

(Alliance News) - London's FTSE 100 overcame a muted morning to head into Friday afternoon on the up, though its progress was shy of the loftier gains seen by mainland European peers, as investors showed some signs of trepidation ahead of a pair of interest rate decisions next week.

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14 Mar 2024 11:54

BP details green credentials in similar push towards net zero as Shell

(Alliance News) - BP PLC on Thursday outlined similar targets to cut emissions as peer Shell PLC, as both oil and gas majors strive to become net zero for carbon emissions by 2050.

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14 Mar 2024 10:19

BP picks up Ashford site to boost electric charging scope for trucks

(Alliance News) - BP PLC on Thursday stepped up plans to increase its electric charging capacity for heavy goods vehicles by buying one of the largest truck stops in Europe.

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8 Mar 2024 13:42

BP appoints Aviva boss Amanda Blanc as senior independent director

(Sharecast News) - Oil giant BP said on Friday that it has appointed Aviva chief executive Amanda Blanc as senior independent director with effect from after the annual meeting on 25 April.

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8 Mar 2024 12:20

IN BRIEF: BP promotes Aviva chief executive officer to senior director

BP PLC - London-based oil major - Non-Executive Director Amanda Blanc will be appointed as a senior independent director, effective from April 25 at the conclusion of BP's annual general meeting. Blanc joined BP's board in September 2022. She has been group chief executive officer of Aviva PLC since July 2020. Company also says Senior Independent Director Paula Reynolds will retire at the AGM's conclusion, having served on the board for nine years. Non-Executive Director John Sawers will also be retiring.

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8 Mar 2024 10:33

BP pays Auchincloss £8m in 2023, claws back £1.8m from Looney

(Sharecast News) - BP chief executive officer Martin Auchincloss was paid £8m for his services in a particularly prosperous year, it was revealed on Friday, as it managed to claw back a further £1.8m from its former head Bernard Looney.

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4 Mar 2024 15:29

London close: Stocks languish ahead of Wednesday's Budget

(Sharecast News) - London's stock markets finished in the red on Monday, reflecting investor apprehension ahead of the impending Spring Budget.

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4 Mar 2024 10:43

Jefferies upgrades BP to 'buy'

(Sharecast News) - Jefferies upgraded BP on Monday to 'buy' from 'hold' and lifted the price target to 570p from 520p.

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4 Mar 2024 08:59

LONDON BROKER RATINGS: Jefferies says buy BP; UBS says buy Compass

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning:

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4 Mar 2024 08:55

LONDON MARKET OPEN: Review cuts Hipgnosis Songs Fund valuation

(Alliance News) - Stock prices in London opened mostly lower on Monday, as investor attention remained primarily on the release of the UK Spring budget on Wednesday.

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