Former BP chief Tony Hayward has acknowledged that the company was unprepared for the disastrous Gulf of Mexico oil spill and the media frenzy it spawned, and said the firm came close to financial disaster as its credit sources evaporated. Get the full story »
Inside these posts: Gulf
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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 »
Obama to appeal Gulf drilling ban ruling
The U.S. government will immediately appeal a U.S. judge’s ruling Tuesday against the Obama administration’s six-month moratorium on deepwater drilling in the wake of the oil spill in the Gulf of Mexico.
“The president strongly believes … that continuing to drill at these depths without knowing what happened does not make any sense, and puts the safety of those involved … and the environment in the Gulf at a danger that the president does not believe we can afford right now,” White House spokesman Robert Gibbs said. Get the full story »
