3rd UPDATE: BP Says It Won't Issue Further Dividends This Year; Agrees To $20B Fund
16th Jun 2010 20:39
(Adds comments from Obama and Hayward, background, BP financial details.) By Jared A. Favole and James Herron Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--BP Plc (BP, BP.LN) said Wednesday it won't issue further dividends this year and agreed to set aside $20 billion to help pay for
Read moreContract With BP Has Clause To Limit Anadarko Liability-Source
16th Jun 2010 20:36
By Isabel Ordonez Of DOW JONES NEWSWIRES HOUSTON (Dow Jones)--BP PLC's (BP) contract to operate the leaking Macondo well contains a clause that could limit the liability of minority partner Anadarko Petroleum Corp. (APC), a person familiar with the agreement said. The contract, the perso
Read moreMARKET TALK: BP Rolls Over In White House Talks -Analyst
16th Jun 2010 20:34
(Dow Jones) BP (BP) Chairman Carl-Henric Svanberg makes "pretty grovelling statements" and seems "to have rolled over" in White House negotiations as the oil major looks to contain political fallout from its Gulf of Mexico oil spill, says NCB Stockbrokers analyst Peter Hutton. "The concession on cut
Read moreOPTIONS REPORT: Traders Have Faith In Oracle, Semiconductors
16th Jun 2010 20:30
By Brendan Conway Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--As technology stocks drifted modestly higher earlier in the day, bullish options traders Wednesday expressed hope for upside in Oracle Corp.'s stock while others looked for the same in semiconductors. June options expire Frid
Read moreMARKET TALK: BP Saving $7.9B Next Two Quarters By Cutting Div
16th Jun 2010 20:21
3:21 (Dow Jones) BP will save itself at least $7.9B with its cancellation of its dividends for the 2Q and 3Q, along with nixing previously promised 1Q dividend. If it still needs cash to address the Gulf of Mexico oil spill, it can hang on to over $2.6B more for each quarter after the third that it
Read moreAT A GLANCE: BP Agrees To $20B Claims Fund In Obama Meeting
16th Jun 2010 20:17
THE NEWS BP PLC (BP, BP.LN) Chairman Carl-Henric Svanberg, Chief Executive Tony Hayward and other company executives met with President Barack Obama and Vice President Joe Biden at the White House. Both Obama and the company said that they had constructive talks. BP agreed to put $20 billio
Read moreBP-Husky Ohio Refinery Gasoline-Making Unit To Restart Thu -Source
16th Jun 2010 20:15
NEW YORK (Dow Jones)--A key gasoline-making unit at BP-Husky Refining LLC's Ohio refinery near Toledo is expected to resume normal operations Thursday after going off-line Tuesday owing to a boiler failure, a person familiar with operations at the plant said Wednesday. Feed was removed from the
Read moreMARKET TALK: Volume Of CDS On BP Rises 19% Week On Week
16th Jun 2010 20:13
1912 GMT [Dow Jones] The volume of credit default swaps on BP has risen nearly 19% in the past week, according DTCC. The gross notional volume of CDS referencing debt issued by the troubled oil and gas company as of June 11 was $12.6 trillion, up from $10.6 trillion on June 4, according to DTCC figu
Read moreMARKET TALK: BP Bonds Rally On Pimco, Div Cut
16th Jun 2010 20:10
1908 GMT [Dow Jones] Buyers are pushing down bond yields for BP debt following a "buy" endorsement by Pimco chief Bill Gross on CNBC and BP's announcement that it will cut a previously declared 1Q dividend and dividends for rest of the year. The yield on BP's most-traded issue, 5.250% of 2013, was d
Read moreAnadarko: Has Received Bill From BP On Gulf Spill Cleanup
16th Jun 2010 20:10
By Isabel Ordonez Of DOW JONES NEWSWIRES HOUSTON (Dow Jones)--Anadarko Petroleum Corp. (APC) said Wednesday the company has received a bill from BP PLC (BP) for costs associated with cleaning the oil spill in the Gulf of Mexico but added it wasn't involved in negotiations for an escrow acco
Read more2nd UPDATE: BP Says It Won't Issue Further Dividends This Year; Agrees To $20B Fund
16th Jun 2010 20:05
(Adds comments from BP Chairman.) By Jared A. Favole Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--BP Plc (BP, BP.LN) said Wednesday it won't issue further dividends this year and agreed to set aside $20 billion to help pay for claims as a result of the Gulf oil disaster. BP Chair
Read moreUPDATE: Obama: Meeting With BP 'Constructive', Company Agrees To $20B Fund
16th Jun 2010 19:53
(Adds comments from BP Chairman.) By Jared A. Favole Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--President Barack Obama, after emerging from a meeting with top BP Plc (BP, BP.LN) executives, said the company has agreed to set aside $20 billion fund to help pay for claims as a result o
Read morePRESS RELEASE: BP Establishes $20 Billion Claims Fund For Deepwater Horizon Spill And Outlines Dividend Decisions
16th Jun 2010 19:50
Following a meeting with the President of the United States, the BP Board announces an agreed package of measures to meet its obligations as a responsible party arising from the Deepwater Horizon spill. Agreement was reached to create a $20bn claims fund over the next three and a half years on t
Read moreObama: Meeting With BP 'Constructive,' Company Agrees To $20B Fund
16th Jun 2010 19:43
By Jared A. Favole Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--President Barack Obama, after emerging from a meeting with top BP Plc (BP, BP.LN) executives, said the company has agreed to set aside a $20 billion fund to help pay for claims as a result of the Gulf oil disaster. Obama c
Read more3rd UPDATE: Liability And Settlement Whipsaw BP's Debt Swaps
16th Jun 2010 19:35
(Updates CDS level, adds Bill Gross quote.) By Katy Burne and Anusha Shrivastava Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--The cost of protecting BP PLC's (BP, BP.LN) debt soared to its highest level ever Wednesday before falling again on news of a deal with the U.S. government over t
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