BP Not Another Lehman: Energy Analyst

The debacle in the gulf won’t bankrupt BP, said Fadel Gheit, managing director of oil and gas research at Oppenheimer.

“BP is not Lehman Brothers,” he said. “BP is not Enron."

Although the oil giant has lost 52 percent of its market value since the spill started, an equivalent of $100 billion, said Gheit, the company is on strong enough financial footing to survive.

“BP has real assets, very valuable assets,” he said.

“BP liquidation value probably is over $100. BP can withstand even a $100 billion penalty and the stock price will be double what it is now.”

BP shareholders and traders dumped its shares yesterday. Shares plunged 16 percent, sending the stock price under $30 per share. It marked the worst drop on record for the company.

In addition, the selloff may also be attributed to concern among pension funds that the U.S. government will halt BP dividend payments, said Philip Weiss, of Argus Research.

But the runoff in BP stock was overblown, said Gheit.

"Absolutely you should be buying the stock,” he said.

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