MARKET TALK: BP CDS Still Unchanged At Close
17th Jun 2010 22:07
17:07 [Dow Jones] BP CDS look relatively rosy at the close New York time Thursday, trading at 470 basis points, according to Markit--144 bps better than Wednesday's close. That's despite criticisms of BP CEO Tony Hayward's performance at a regulatory grilling on Capitol Hill & downgrade by Standard
Read moreAT A GLANCE: BP CEO Faces US Lawmakers; Says 'Not Involved' In Key Decisions
17th Jun 2010 21:57
THE NEWS U.S. lawmakers blasted BP PLC (BP, BP.LN) Chief Executive Tony Hayward on safety standards and for declining to answer questions Thursday, with the CEO saying he was "not involved" in key decisions about the mile-deep oil well that blew out in April. As the sole witness at a congre
Read moreBP WATCH: BP's US Shares Close Lower As Lawmakers Grill CEO
17th Jun 2010 21:52
By Donna Kardos Yesalavich and Kristina Peterson Of DOW JONES NEWSWIRES NEW YORK (Dow Jones) -- BP PLC's (BP, BP.LN) U.S. shares fell slightly Thursday as BP Chief Executive Tony Hayward faced a grilling by U.S. lawmakers on the oil spill and investors voiced concern over the lack of a monet
Read moreBP CEO: Some Decisions 'May' Have Been About Money
17th Jun 2010 21:45
By Siobhan Hughes Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--BP PLC (BP, BP.LN) Chief Executive Tony Hayward, facing lawmakers furious about an oil spill in the Gulf of Mexico, on Thursday allowed that some of the decisions "may have been to do with money." The U.S. House Energy and
Read moreMARKET TALK: Investors At Risk When Companies Get 'Voluntold'
17th Jun 2010 21:36
4:36 (Dow Jones) Leaving the White House yesterday, BP CEO Tony Hayward looked a lot like the big-bank heads after their November 2008 meeting with then President Bush when they agreed to accept TARP, Peter Atwater says at Minyanville. Similar to bank CEOs, "Hayward had just been voluntold to turn o
Read moreMARKET TALK: BP Shares Not Worth The Risk - Investment Manager
17th Jun 2010 21:34
[Dow Jones] Westport Resources in Connecticut, which manages $800 million of assets that include big U.S. energy stocks, three weeks ago sold all shares it held on BP PLC (BP). "It was no longer worth the risk," Joe Tatusko, the company's chief investment officer, tells Dow Jones Newswires. He is re
Read more7th UPDATE: US Lawmakers Blast BP CEO At Congressional Hearing
17th Jun 2010 21:32
(Updates with more comment from BP CEO; comment from Rep. Boehner.) By Siobhan Hughes, Tennille Tracy and Stephen Power Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--U.S. lawmakers on Thursday blasted BP PLC's (BP, BP.LN) chief executive at his first appearance before Congress since a d
Read moreMARKET TALK: $20B Not Enough To Stem Downgrade
17th Jun 2010 21:20
2017 GMT [Dow Jones] BP's CFO said Wednesday he hoped the $20B fund and suspension of the dividend would calm fears surrounding the company and that he was in close contact with Moody's and S&P with a view to keeping the AA rating (bit late to do that with Fitch). Well clearly it hasn't worked, with
Read moreMARKET TALK: BP Downgraded By S&P: CDS So Far Unchanged
17th Jun 2010 21:17
2016 GMT [Dow Jones] S&P cut the rating for BP PLC to A from AA- and the rating of BP Finance to A- from A+. BP's CDS spread held steady at 470BP on the news, or $470,000 to cover $10 million of debt each year for five years, according to Markit. BP's CDS was quoted as tight as 400BP this morning, a
Read moreMARKET TALK: Hayward's Approach 'Infuriatingly Passive'
17th Jun 2010 21:08
4:08 (Dow Jones) BP CEO Tony Hayward's approach in a hostile congressional hearing is fairly straightforward. He "isn't interested in winning anything, here, he's just interested in letting the hearing time out by being infuriatingly passive and unhelpful," Reuters blogger Felix Salmon says. "He's s
Read moreBarton Retracts Apology Made To BP CEO In House Hearing
17th Jun 2010 21:07
By Tennille Tracy Of DOW JONES NEWSWIRES Rep. Joe Barton (R., Texas) apologized for using the word "shakedown" when describing White House efforts to secure $20 billion from BP PLC (BP, BP.LN) and retracted an apology he made to BP Thursday in a hearing with company Chief Executive Tony Hayw
Read moreS&P Lowers BP Ratings Again; Cites Political Pressure
17th Jun 2010 21:06
DOW JONES NEWSWIRES Standard & Poor's Ratings Services lowered its rating on BP PLC (BP, BP.LN) by two notches, its second downgrade on the oil giant this month, citing higher oil leak estimates and "intense political pressure in the U.S.," its largest market. The downgrade reflects the rat
Read moreHEARD ON THE STREET: BP Hit With 'Safety Discount'
17th Jun 2010 21:01
By Liam Denning A DOW JONES COLUMN It is a measure of how intense political pressure was on BP that the suspension of dividends and agreements to place $20.1 billion in legally questionable claims funds sparked a rally in its share price in London on Thursday. The optimistic reading is t
Read moreTransocean Shares Rise As Co Looks Less Liable Than BP
17th Jun 2010 20:58
By David Benoit Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Shares of Transocean Ltd. (RIG) on Thursday recovered some of the battering they've suffered during the oil spill crisis in the Gulf of Mexico, as BP PLC (BP, BP.LN) executives faced a public grilling and it continued to look less
Read more6th UPDATE: US Lawmakers Blast BP CEO At Congressional Hearing
17th Jun 2010 20:55
(Updates with more comments from BP CEO Hayward, lawmakers.) By Siobhan Hughes, Tennille Tracy and Stephen Power Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--U.S. lawmakers on Thursday blasted BP PLC's (BP, BP.LN) chief executive at his first appearance before Congress since a deadly o
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