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Share Price Information for BP (BP.)

London Stock Exchange
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Share Price: 510.90
Bid: 510.80
Ask: 510.90
Change: 1.50 (0.29%)
Spread: 0.10 (0.02%)
Open: 508.50
High: 512.60
Low: 503.60
Prev. Close: 509.40
BP. Live PriceLast checked at -

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Cost cuts and time saving caused BP oil spill

Thu, 06th Jan 2011 08:07

Decisions taken by the three main contractors involved in the BP oil spill to save both money and time contributed to the disaster in the Gulf of Mexico, according to a White House panel.A 48-page report blasted safety standards across the industry, but reserved special attention for BP, Halliburton and rig-owner Transocean. "Whether purposeful or not, many of the decisions that BP, Halliburton, and Transocean made that increased the risk of the Macondo blow-out clearly saved those companies significant time (and money)," wrote the presidential panel."BP did not have adequate controls in place to ensure that key decisions in the months leading up to the blow-out were safe or sound from an engineering perspective."It found that none of those involved had a failsafe system in place capable of coping with a disaster on the scale of last April's blast on the Deepwater Horizon rig that killed 11 workers."This disaster likely would not have happened had the companies involved been guided by an unrelenting commitment to safety first," said Bob Graham, former Florida governor and a co-chairman of the commission, in a statement Wednesday.The report highlighted "failures to appreciate risk" and criticised BP's handling of the attempt at sealing the broken well with cement."Based on evidence currently available, there is nothing to suggest that BP's engineering team conducted a formal, disciplined analysis of the combined impact of these risk factors on the prospects for a successful cement job," it said.And it warns a similar catastrophe could occur again unless companies get their act together and both the industry and government initiate reform."The blowout was not the product of a series of aberrational decisions made by rogue industry or government officials that could not have been anticipated or expected to occur again," reads the report."Rather, the root causes are systemic and, absent significant reform in both industry practices and government policies, might well recur."
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LONDON MARKET MIDDAY: Oil falls despite rising Iran-Israel tensions

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LONDON MARKET OPEN: FTSE 100 falls as oil lower despite Iran strikes

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Sector movers: Investors seek out safe havens across all asset classes

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FTSE 100 sets near record close as commodity stocks shine

FTSE 100 up 0.9%, FTSE 250 off 0.3%

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12 Apr 2024 16:56

LONDON MARKET CLOSE: Miners lift FTSE 100 but sea of red elsewhere

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Europe's main energy stocks index hits highest since 2008

April 12 (Reuters) - The main European energy stocks index hit its highest level since 2008 as higher oil prices, geopolitical risks, and global economic uncertainty drew in investors on Friday.

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London close: Stocks mixed as data shows UK GDP growth

(Sharecast News) - London's markets closed with a mixed performance on Friday, as investors digested the latest GDP data suggesting an end to the recession in the UK.

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12 Apr 2024 11:51

LONDON MARKET MIDDAY: February data spurs end of UK recession hopes

(Alliance News) - Stocks in London got a boost on Monday at midday, as investors were optimistic that the UK is heading out of its short lived recession.

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Europe's main energy stocks index hits highest since 2008

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TOP NEWS: BP shares rise after reports Adnoc had pondered takeover

(Alliance News) - Shares in BP jumped on Friday after reports that the state-owned, United Arab Emirates oil company was considering, but had ruled out, a bid for the London-based oil major.

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LONDON MARKET OPEN: Stocks get boost thanks to growth in UK economy

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UAE's ADNOC said to have recently considered BP takeover

(Sharecast News) - The United Arab Emirates' state-owned oil company recently considered buying BP but the deliberations did not progress beyond preliminary discussions, according to a report.

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