Inside these posts: BP

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BP stock gains ground, but major resistance looms

Shares in BP rose 1.2 percent in London on Friday, taking their bounce since the near 14-year low in June to 45 percent, lifted by the group’s latest progress in plugging the ruptured oil well in the Gulf of Mexico. Get the full story »

BP’s Tony Hayward defends decisions

From The Wall Street Journal | In his first interview after agreeing to step down from the top spot at oil giant BP this week, Tony Hayward defended his choices during the oil spill crisis, saying he ” became a villain for doing the right thing.” Get the full story »

BP push for Mideast investors may be issue in U.S.

BP’s recent attempts to get Middle Eastern investors to help plug the leak in its blown-out balance sheet could cause more problems for the embattled British oil company. Increased investments in BP from the Middle East could trigger reviews in Washington, given the company’s U.S. subsidiary, BP America, which drills for oil and natural gas through government leases and sells gasoline and other products to consumers and businesses.

BP could be ripe for takeover

From CNN | BP’s stock price has fallen far enough for the oil company to become an attractive takeover target for its biggest rivals, according to industry analysts.

BP’s stock finished at $28.88 Wednesday, a plunge of more than 50% from its close of $60.09 on April 19, the day before its leased oil rig, the Deepwater Horizon, exploded and sank in the Gulf of Mexico, killing 11 workers. On Thursday, shares were up more than 3%.

Fred Lucas of JPMorgan believes that investors have overdone it in dumping the stock, cheapening it to an attractive value for buyers – meaning potential parent companies, not just individual investors. Get the full story »

BP shares fall; lost market value tops $100 billion

BP shares fell more than 5 percent in New York on Friday to a 14-year low as the costs rise for containing the oil spill in the Gulf of Mexico.

If the decline holds, BP will have lost more than $100 billion in market value since a rig it operated exploded and sank in the Gulf two months ago. Get the full story »

Embattled BP CEO removed from spill oversight

BP removed Chief Executive Tony Hayward from day-to-day oversight of the Gulf oil spill crisis a day after he was pummeled by lawmakers in an appearance on Capitol Hill, the company’s chairman said Friday.

Carl-Henric Svanberg told Britain’s Sky News television that Hayward “is now handing over the operations, the daily operations to [BP Managing Director] Bob Dudley,” overshadowing news that after many setbacks BP was finally making real progress in siponing and burning off oil from the underwater gusher. Get the full story »

Fitch says widening in BP’s CDS overdone

Reuters | Fitch Ratings said that the dramatic widening in BP Plc’s credit default
swaps had been overdone, but its downgrade was justified as the risk
facing the firm was greater than for others in the AA category.

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BP pressure leads Twitter to label satirical account

From | The parody Twitter account @BPGlobalPR has changed its biography on its page, after BP requested that Twitter enforce its policy on parody/impersonation. The satirical account’s bio now reads, “We are not associated with Beyond Petroleum, the company that has been destroying the Gulf of Mexico for 51 days.”

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BP scales back Crosstown Cup sponsorship

ct-biz-crosstown-web.jpgFrom left, Cubs owner Tom Ricketts jokes with Cubs players Randy Wells and Marlon Byrd on April 26, 2010, the day the Cubs and White Sox made the Crosstown Cup official. (Michael Tercha/ Chicago Tribune)

By Wailin Wong | The BP oil spill in the Gulf has leaked into the company’s sponsorship
of the BP Crosstown Cup, the six-game series between the Cubs and White Sox that kicks off next week.

The company is still sponsoring the series, but “we’ve scaled back efforts a little bit” as a result of events in the Gulf, said Kevin Saghy, a Cubs spokesman. He said BP has already started some in-store promotions for the Cup, but has cut back on other planned events, as well as advertising and media outreach. The teams are also considering a more subtle presentation of the trophy, Saghy said.

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Nalco Holding’s shares rise after BP cleanup news

Dow Jones Newswires | Shares of Nalco Holding Co. leapt Monday on the news that oil giant BP is planning
to use the company’s chemicals to help clean up the massive oil spill
in the Gulf of Mexico.

Nalco, which is based in Naperville, makes a dispersant chemical that will help break down the
oil. Its shares jumped 18 percent to $29.25, hitting its highest point since October 2007. Other companies with possible roles in the cleanup also climbed Monday,
including Clean Harbors Inc. BP said it will pay the costs to clean
up the spill.

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BP America, other oil companies discuss drilling

From The Times Online | Lamar McKay, the chairman of Chicago-based BP America, said that he was “encouraged” by Obama’s decision to open up vast tracts of America’s coastline to exploration. “It’s a constructive step. We believe the industry has a strong track record of performance in the Gulf of Mexico and are confident that development can be done elsewhere in the same safe and environmentally sensitive manner while creating needed jobs,” he said.

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