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Share Price Information for BP (BP.)

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Share Price: 503.70
Bid: 503.80
Ask: 503.90
Change: -6.70 (-1.31%)
Spread: 0.10 (0.02%)
Open: 506.40
High: 515.30
Low: 499.60
Prev. Close: 510.40
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BP's Hayward: Key Decision Partly About Focus On Well Integrity

Thu, 17th Jun 2010 18:36

By Siobhan Hughes Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--BP PLC (BP, BP.LN) Chief Executive Tony Hayward on Thursday insisted he was "not involved" in key decisions about a mile-deep oil well that exploded two months ago, frustrating U.S. lawmakers hoping to gain more details about the disaster. "I wasn't involved in any of that decision-making," Hayward told House Energy and Commerce Committee Chairman Henry Waxman (D, Calif.) Hayward also said federal regulators had signed off on BP's well design, offering a preview of the company's defense. BP is facing multiple probes, including Justice Department civil and criminal investigations. Congressional investigators have unearthed evidence they say shows that BP ignored warnings from contractors and BP personnel in order to save money. Three days after receiving a letter detailing the congressional findings, Hayward told the committee that he was "not prepared to draw conclusions." Among other things, the House panel has found that BP opted for the cheaper of two options in an important well-design decision, using a single string of steel casing from the sea floor to the bottom of the well. BP could have used a "tieback" method that would have provided twice as much protection, according to evidence released by the House Energy and Commerce Committee. "BP used a more dangerous well design to save $7 million," Waxman said, citing documents obtained by the committee. Replied Hayward: "I believe that document also highlights that the long-term integrity of the well would be best served by a long string." He said that "a long string is not an unusual well design in the Gulf of Mexico." Waxman became visibly frustrated with Hayward. "Are you failing to cooperate with other investigators as well? Because they're going to have a hard time reaching conclusions if you stonewall them, which is what we seem to be getting today," Waxman said. "I'm not stonewalling," Hayward said. "I simply was not involved in the decision-making process." -By Siobhan Hughes, Dow Jones Newswires; (202) 862-6654; siobhan.hughes@dowjones.com (END) Dow Jones Newswires June 17, 2010 13:36 ET (17:36 GMT)
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15 Feb 2024 09:17

BP hails arrival of LNG vessel at project off Senegal and Mauritania

(Alliance News) - BP PLC on Thursday celebrated the arrival of a gas vessel offshore west Africa, which it called a "major milestone" for its project there.

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14 Feb 2024 12:01

BP and Adnoc form gas joint venture in Egypt to boost capabilities

(Alliance News) - BP PLC on Wednesday said it will form a joint venture with Abu Dhabi National Oil Co in Egypt, under which BP will contribute its interests in three development concessions.

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14 Feb 2024 10:27

BP and Adnoc agree Egyptian joint venture

(Sharecast News) - BP has agreed a new joint venture in Egypt with long-standing partner Adnoc, it was confirmed on Wednesday.

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11 Feb 2024 09:27

PRESS: BP to book USD700 million windfall on UK tax changes - FT

(Alliance News) - BP PLC is set to book a USD700 million windfall due to UK tax changes aimed at boosting corporate pension fund investment in the economy, the Financial Times reported on Saturday.

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9 Feb 2024 11:44

LONDON MARKET MIDDAY: European markets quiet heading into afternoon

(Alliance News) - European stock markets were quiet heading into Friday afternoon, as investors eye the annual US consumer price index benchmarks revisions.

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8 Feb 2024 16:06

UK dividends calendar - next 7 days

Friday 9 February 
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Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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6 Feb 2024 17:39

London close: Stocks manage gains as oil prices rise

(Sharecast News) - London's financial markets finished with a positive performance on Tuesday, driven by encouraging data from the UK construction sector and BP's share buyback expansion.

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6 Feb 2024 17:04

LONDON MARKET CLOSE: BP and Prudential help snap FTSE losing streak

(Alliance News) - Stock prices in London pushed higher on Tuesday, with the FTSE 100 registering its first rise in four trading days, with oil major BP the star performer.

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6 Feb 2024 12:10

LONDON MARKET MIDDAY: BP tops FTSE 100 index on buyback promise

(Alliance News) - The FTSE 100 was higher at midday Tuesday, despite lingering unease in equity markets on US interest rate worries, while BP led the way among London's large-caps as it announced a buyback plan.

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6 Feb 2024 09:04

TOP NEWS: BP promises buybacks and hikes dividend despite profit fall

(Alliance News) - BP PLC on Tuesday reaffirmed it is sticking to its commitment to share buybacks despite reporting a profit decline amid a fall in oil prices.

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6 Feb 2024 08:53

LONDON MARKET OPEN: BP jumps after unveiling share buyback

(Alliance News) - The FTSE 100 in London opened higher on Tuesday, with oil major BP at the top of the index, thanks to its new share buyback programme.

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6 Feb 2024 07:47

LONDON BRIEFING: BP promises buyback despite drop in profit

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6 Feb 2024 07:02

BP unveils $1.75bn buyback as 2023 profits halve on weaker oil price

(Sharecast News) - Shares in BP surged on Tuesday as the energy giant announced a $1.75bn share buyback despite a slump in annual profits as oil prices fell during 2023 from the spike caused by Russia's invasion of Ukraine.

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2 Feb 2024 17:12

LONDON MARKET CLOSE: Stocks mixed as US jobs data dashes rate cut hope

(Alliance News) - Stock prices in London closed mixed, after hotter-than-expected US jobs data hit already precarious investor sentiment and all but ensured the Federal Reserve will not be cutting interest rates next month.

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2 Feb 2024 13:14

BP appoints Kate Thomson as its permanent finance chief

(Sharecast News) - BP announced the appointment of Kate Thomson as its new, permanent chief financial officer on Friday, effective immediately.

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