BP Oil-Retrieval Rate Holds Steady After Rebound From Cap Crash

DOW JONES NEWSWIRES BP PLC (BP, BP.LN) reported its oil-recovery rate in the first 12 hours of Friday was basically flat with the previous half day. The company said it retrieved 12,100 barrels of crude flowing from a broken deep-water well in the Gulf of Mexico Friday morning, 7,870 of which was collected and 4,230 of which was flared into the atmosphere. The company's rate of recovery has rebounded after an undersea collision endangered one of its key systems for retrieving oil. An underwater robot crashed into a containment cap on the well's blowout preventer, forcing BP to stop siphoning oil up to the larger of two vessels currently handling the diverted oil at the site. Though the recovery rates have improved from their sharply lower levels during the cap suspension, full-day rates still remain below that reached the day before the collision. That rate was 27,090 barrels, very near the maximum capability of the current systems. A team of scientists last week estimated that about 35,000 to 60,000 barrels are flowing from the broken well every day. BP has been under intense pressure to successfully contain the spewing oil, which began in April when a deep-water drilling rig exploded and sank. The underwater collision was the biggest setback since the company installed the containment cap nearly three weeks ago, which followed a series of failed attempts. It is still working on a permanent fix to the well. BP American depositary shares were down 0.4% at $26.90 in after-hours trading. The stock has lost more than half its value since the Gulf oil leak began. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com (END) Dow Jones Newswires June 25, 2010 19:58 ET (23:58 GMT)