BP Can Meet Oil Spill Costs Without Issuing New Shares - Paper

6th Jul 2010 07:39

LONDON (Dow Jones)--Oil major BP PLC (BP.LN) can meet the costs of its oil spill without issuing new shares, rejecting recent speculation that it was seeking a bail out from a strategic investor, the Financial Times Tuesday reports the oil company as saying. The company has launched an appeal for support to Middle Eastern and other international investors, saying that its shares are good value since their almost 50% drop following the Deepwater Horizon disaster April 20. But BP has "no plans" to issue new equity to bring in a "cornerstone" shareholder, the FT said without citing sources. Company website: http://www.ft.com -By London Energy Desk, Dow Jones Newswires +44 207 842 9262; [email protected] (END) Dow Jones Newswires July 06, 2010 02:39 ET (06:39 GMT)