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The biggest challenge for Dudley is going to be reconfiguring the company culture toward rigorous accountability. Going forward, corporate social responsibility (CSR) will have a new found meaning at BP.
"I'm hearing from them constantly." That's what Kenneth Feinberg, the administrator of a $20 billion oil spill compensation fund, told members of Congress. Them? Real estate agents and brokers. "They make a credible argument," he adds.
Apache has a reputation of grabbing mature assets on the cheap and squeezing substantial value out of them. There is a distinct possibility that the reported $10-plus billion asset sale could include BP's Alaska operations.
In the "I'd never believe it if I didn't see it with my own eyes" category, BP once released a board game called "Offshore Oil Strike".
The massive oil spill in the Gulf of Mexico has sparked more talk of a move to clean energy, and billionaire energy investor Boone Pickens, founder of BP Capital Management, is among those calling for action.
The company is making a serious mistake by being so secretive about the true nature of it capital needs.
Some of BP’s other trading partners, or counterparties, are asking for letters of credit from banks to guarantee that BP will make good on future trading debts, says one of the people familiar with the matter.
It soon became clear that the “risk factors” section of the documents, in which BP would lay out the perceived risks to its bondholders, was too delicate an explanation to rush, says one of the people familiar with the matter, and the company realized it would likely need at least another week to finish the prospectus.
One of the major topics of conversation at the just-concluded economic forum in St. Petersburg, Russia, was energy, specifically oil and the situation in the Gulf. That’s not surprising, as Russia is very rich in oil, natural gas and other commodities.
The threat of a trade war between the US and China is greatly reduced. The move should help combat Chinese inflation a little by making imports less expensive. The only major country the Chinese have a trade surplus with is the US. Exporters to China should still see better trade as the richer currency buys more.
“Investors in BP should know that there’s now an alternative to the litigation system in place,” Kenneth Feinberg said in a telephone interview with CNBC Sunday afternoon. “I think that’s a really helpful sign if you’re an investor.”
All eyes in Washington, Wall Street and Main Street were turned on the Congressional show trial featuring beleaguered BP CEO Tony Hayward yesterday. Hayward was a disaster. He played dumb. He stonewalled. And he never got honest about BP's colossal failure of human judgment that caused this catastrophe. But folks, seriously, what did you expect?
BP executives met in London Friday with investment bankers to discuss a likely bond offering as early as Tuesday, according to a source familiar with the matter.
The Obama administration's six-month moratorium on oil drilling could benefit BP, John Kingston, director of oil at Platts, a provider of energy information, told CNBC.
Some on Wall Street are saying that BP may have to pay lenders as much as 2.5 percent more than it typically does on similar bond issues. What does this mean for BP stock and investors?
Gulf oil spill victims should file a claim as soon as possible, Ken Feinberg, head of the $20 Billion Fund to help victims said Thursday.
As I continue my week here on the Gulf Coast of Florida, I hear more and more real and anecdotal stories of contract cancellations for new home purchases and second homeowners walking away. There is no question that while oil has barely brushed the beaches here in Pensacola, the place is awash in fear. Fear and real estate are like, well, oil and water; they don't mix well.
Estimates show that the civil fine for the escaping oil alone could be $280 million a day, but criminal penalties, if imposed, could cause the costs to balloon still further. The NYT reports.
Forgive my silence on the blog for the past two days, but I've been in beastly hot Pensacola, Florida, preparing stories on mortgage mediation, and, of course, oil. President Obama dropped by the beach yesterday to talk to some local folks, while I spent the day in empty beach front mansions and empty ocean-view condos.
Sadly, President Obama, by persistently scolding BP and using inflammatory rhetoric, has done little to improve BP’s efforts to cap the well and mitigate the damage, or to foster effective cooperation between federal and state agencies that could improve those efforts.