MARKET TALK: BP Still Has Long Road To Travel - Arbuthnot

14th Jul 2010 12:38

1138 GMT [Dow Jones] The new oil well cap installed by BP (BP.LN) is just the first step in what will continue to be a lengthy and expensive process for the company, says Dougie Youngson, analyst at Arbuthnot. Says there is still a difficulty in determining the ultimate long-term liabilities for this disaster. Admits Arbuthnot is in the minority in terms of its sell recommendation. But says given the high level of uncertainty in so many important factors affecting the company, combined with the well situation still not being resolved, still feels this recommendation is logical. Says, "this view is reinforced by today's setback in progressing the new containment cap." Shares -2.3% at 401p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 14, 2010 07:38 ET (11:38 GMT)