HEARD ON THE STREET: BP Seeks Cure In A Shrink
27th Jul 2010 17:34
By Liam Denning and Matthew Curtin A DOW JONES COLUMN There's little love lost between BP PLC (BP, BP.LN) and the White House. But in announcing quarterly results and a new chief executive Tuesday, the oil major effectively co-opted one presidential election slogan. But do BP's efforts repre
Read moreUPDATE:Feinberg:Challenges In Assessing Gulf Coast Tourism Claims
27th Jul 2010 17:31
(Updates throughout with more background on claims fund and comments from Feinberg.) By Shayndi Raice Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--The administrator of a $20 billion fund set up by BP (BP, BP.LN) to compensate the Gulf Coast tourism industry said Tuesday there are sig
Read moreMARKET TALK: Oil & Litigation, Or Will It Be Litigation & Oil?
27th Jul 2010 17:23
12:23 (Dow Jones) BP's plans to sell about $30B in assets in order to become a slimmed down version of its former self should help restore is battered reputation. "The sales could be the best response possible to the spill's legacy -- as could the company's debt reduction and increased cashflow," FT
Read moreUPDATE: BP: SEC,DoJ Probe Securities Matter Around Gulf Spill
27th Jul 2010 17:14
(Adds SEC declining to comment, background.) By James Herron Of DOW JONES NEWSWIRES LONDON (Dow Jones)--The U.S. Securities & Exchange Commission and Department of Justice have launched an informal probe into matters related to BP PLC (BP) securities and the Gulf of Mexico oil spill, BP
Read moreMARKET TALK: BP's 2Q, CEO Shuffle Get Mixed Reaction
27th Jul 2010 16:37
11:37 (Dow Jones) BP's US shares slip 2.1% to $37.85, giving back some of yesterday's nearly 5% gain in anticipation of 2Q results and naming of Bob Dudley as new CEO. But options traders are tilting toward the optimistic side, with higher volume in BP calls than puts recently, while cost of insurin
Read moreLondon close: Lead slashed as miners fail
27th Jul 2010 16:37
A big chunk of the morning's hard-fought gains went up in smoke late in the session as an early rally on Wall Street quickly turned into nothing. Miners were the main culprits. All the big guns gave back big leads mid-afternoon following stronger-than-expected US home-price data that helped the dol
Read moreFeinberg: Challenges Ahead In Assessing Gulf Coast Tourism Claims
27th Jul 2010 16:17
By Shayndi Raice Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--The administrator of a $20 billion fund set up by BP (BP, BP.LN) to compensate the Gulf Coast tourism industry said Tuesday there are significant challenges ahead in assessing claims. "It's easy to compensate a hotel on the
Read moreBP: SEC,Justice Dept Probe Securities Matter Around Gulf Spill
27th Jul 2010 16:15
LONDON (Dow Jones)--The U.S. Securities & Exchange Commission and Department of Justice have launched an informal probe into matters related to BP PLC (BP) securities and the Gulf of Mexico oil spill, BP said in a statement Tuesday. This is just one of the many probes launched by U.S. authoritie
Read moreUPDATE: Somber BP CEO Defends Record, Acknowledges Mistakes
27th Jul 2010 16:11
(Adds CEO comment.) By James Herron Of DOW JONES NEWSWIRES LONDON (Dow Jones)--BP PLC (BP) Chief Executive Tony Hayward--who became the reviled public face of the Gulf of Mexico oil spill--defended his response to the Gulf of Mexico oil spill Tuesday but acknowledged that it was time to
Read moreBP: Drilling Rig Has Reconnected To Relief Well
27th Jul 2010 15:56
HOUSTON (Dow Jones)--BP PLC (BP, BP.LN) said Tuesday that a rig task with drilling a relief well at the Deepwater Horizon location is back on site and has reconnected to the well after evacuating last weekend due to a tropical storm. In a statement on its website, BP said that the rig, Transocea
Read moreBP CEO: Asset Sales Could Cut Oil, Gas Output To 3.5M B/D
27th Jul 2010 15:40
LONDON (Dow Jones)--BP PLC's (BP) plan to sell $30 billion in assets to help fund its oil spill liabilities could cut the company's oil and gas output to about 3.5 million barrels equivalent a day, from just under 4 million boe a day, Chief Executive Tony Hayward said Tuesday. BP will maintain a
Read moreUPDATE: Four Indian Oil Companies To Jointly Bid For BP Vietnam Assets
27th Jul 2010 15:30
(Adds comments from executives, details) By Rakesh Sharma and Vu Trong Khanh Of DOW JONES NEWSWIRES NEW DELHI (Dow Jones)--A consortium of four Indian state-run companies will likely join with Vietnam Oil and Gas Group, or PetroVietnam, to buy BP PLC's (BP) stake in the Nam Con Son gas
Read moreUS HOT STOCKS: US Steel, Lexmark, UBS, DuPont, Deutsche Bank
27th Jul 2010 15:29
U.S. stocks traded higher Tuesday, as the Dow Jones Industrial Average gained 20 points to 10546, the S&P 500 grew 2.7 points to 1118 and the Nasdaq Composite increased 4.1 points to 2301. Among the companies whose shares are actively trading in the session are U.S. Steel Corp. (X), Lexmark Internat
Read moreBP CEO: Confident Macondo Well Is Now Sealed
27th Jul 2010 14:47
LONDON (Dow Jones)--BP PLC's (BP) Chief Executive Tony Hayward said Tuesday he is confident that the leaking Macondo well in the Gulf of Mexico has been permanently sealed by the cap installed on the well on July 16. Boats and airplanes participating in the cleanup operations are finding it incr
Read moreSomber BP CEO Defends Record, Acknowledges Criticism
27th Jul 2010 14:39
By James Herron Of DOW JONES NEWSWIRES LONDON (Dow Jones)--BP PLC (BP) Chief Executive Tony Hayward--who became the reviled public face of the Gulf of Mexico oil spill--defended his response to the Gulf of Mexico oil spill Tuesday but acknowledged that it was time to step down "for the good
Read more