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Share Price Information for BP (BP.)

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Share Price: 510.90
Bid: 510.90
Ask: 511.00
Change: 1.50 (0.29%)
Spread: 0.10 (0.02%)
Open: 508.50
High: 512.60
Low: 503.60
Prev. Close: 509.40
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UPDATE:BP Unlikely To Have To Sell Assets To Fund Spill-Fitch

Wed, 16th Jun 2010 15:24

(Adds detail.) By James Herron Of DOW JONES NEWSWIRES LONDON (Dow Jones)--BP PLC (BP) is unlikely to have to sell assets to pay the costs of its oil spill in the Gulf of Mexico and the company will probably not be broken up as a consequence of the environmental disaster, said representatives of Fitch Ratings Wednesday. "We expect BP to make it through the challenge of this," without being broken up, said Richard Hunter, Fitch's Head of Europe, Middle East, Africa and Asia Pacific Corporate Finance in a conference call. Fitch estimates BP's liability for containment, cleanup and compensation resulting from the oil spill will be around $6 billion, said Jeffrey Woodruff, Senior Director in Fitch's Europe, Middle East and Africa Energy team. Civil penalties for the spill could be between $2 billion and $8 billion, he said. BP could fund these costs without needing to sell assets, he said. Fitch downgraded BP long-term debt six notches to just above junk level Tuesday on fears that the U.S. government would force it to pay billions of dollars up front into an escrow account to pay spill cleanup and compensation. If BP's Chairman Carl-Henric Svanberg and U.S. President Barack Obama produce a sensible mechanism for settlement of compensation claims resulting from the spill, rather than the demand for up front payment of $20 billion into escrow that came from Senate Democrats this week, the outlook for BP's rating could improve, said Hunter. The cost of insuring BP debt surged Wednesday, putting premiums for BP credit default swaps firmly into junk territory, according to CMA DataVision. Credit default swaps are not a factor in Fitch's ratings and the recent increase in their cost for BP looks "overdone", said Woodruff. Company website: http://www.fitchratings.com -By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317; james.herron@dowjones.com (Art Patnaude contributed to this article.) (END) Dow Jones Newswires June 16, 2010 10:24 ET (14:24 GMT)
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12 Apr 2024 07:56

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(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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11 Apr 2024 14:41

Senegal says oil, gas and mine contracts will be reworked if needed

DAKAR, April 11 (Reuters) - Senegal's new Energy and Mines Minister said on Thursday the government would renegotiate oil, gas and mining contracts if necessary once a promised audit is completed.

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Johnson Matthey and BP win deal for US sustainable aviation fuel plant

(Alliance News) - Johnson Matthey PLC and BP PLC on Wednesday said their technology offering has been selected for use in a sustainable aviation fuel plant being built in the US state of Louisiana.

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10 Apr 2024 07:47

LONDON BRIEFING: Stocks called up ahead of US inflation data

(Alliance News) - Stocks in London are called to open higher, as investors shake off nerves ahead of a key US inflation reading.

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9 Apr 2024 17:26

Slide in defence stocks knocks down Europe's STOXX 600

BP gains on higher quarterly upstream energy output forecast

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9 Apr 2024 17:13

FTSE 100 ends down as defence stocks offset commodity gains

Easter food spending lifts UK retail sales in March

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9 Apr 2024 16:53

LONDON MARKET CLOSE: Stocks struggle in nervy trade before US data

(Alliance News) - European equities closed lower on Tuesday, with sentiment downbeat ahead of Wednesday's US inflation reading, though impetus could be found in gold, which hit another record high.

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9 Apr 2024 15:12

London close: Stocks slip ahead of ECB, US inflation print

(Sharecast News) - London markets closed lower on Tuesday, as investors braced for a key US inflation reading as well as a policy announcement from the European Central Bank later in the week.

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9 Apr 2024 12:00

LONDON MARKET MIDDAY: FTSE 100 treads water despite boost from miners

(Alliance News) - Equities in London lacked impetus heading into Tuesday, as investors moved with caution ahead of a US inflation print on Wednesday and the European Central Bank's interest rate decision a day later.

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9 Apr 2024 10:21

PRESS: Shell could make London exit if value gap to US does not close

(Alliance News) - Shell PLC fired a warning shot to that it could be prepared to move its listing to the US in a fresh blow to London's financial centre.

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9 Apr 2024 08:53

TOP NEWS: BP predicts upstream production will rise in first quarter

(Alliance News) - BP PLC on Tuesday said it expects first quarter upstream production to be higher than the previous three month period but cautioned lower prices would hurt performance elsewhere.

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9 Apr 2024 08:44

LONDON MARKET OPEN: Stocks shaky ahead of US CPI data, ECB decision

(Alliance News) - Stock prices in London opened mostly lower on Tuesday, as investors look ahead to a key inflation reading from the US, as well as the latest interest rate decision from the European Central Bank.

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9 Apr 2024 07:51

BP expects rise in first-quarter upstream energy output

April 9 (Reuters) - BP said on Tuesday it expects first-quarter upstream production of both oil and gas as well as low-carbon energy to be higher than the previous three months.

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9 Apr 2024 07:39

LONDON BRIEFING: HSBC sells Argentinian arm for USD550 million

(Alliance News) - Stocks in London are called to open lower on Tuesday, as investors nervously look ahead to US inflation data and the European Central Bank's latest interest rate decision.

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9 Apr 2024 07:24

BP sees higher Q1 upstream production

(Sharecast News) - Oil giant BP said it expected first-quarter upstream production to be higher than the previous three months.

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