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"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".
BP's massive oil spill will become the largest ever in the Gulf of Mexico by Thursday based on the highest of the federal government's estimates, an ominous record that underscores the oil giant's dire need to halt the gusher.
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.
Oil giant BP is floating a financial lifeline to the owners, operators and suppliers of the gas stations around America that bear its name and have been struggling because of boycotts prompted by the Gulf spill.
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.
While oil companies have spent billions of dollars to drill deeper and farther out to sea, relatively little money and research have gone into finding new, improved ways to respond to oil spills in deepsea conditions like those in the Gulf of Mexico.
The first tropical depression of the Atlantic 2010 hurricane season has formed in the Western Caribbean, but it is unclear if it will pass over the massive oil spill in the Gulf of Mexico.
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.