I didn't realize that BP is such a huge company. O'Leary on the Lang-O'Leary Exchange said that the company has had $80 billion shaved off its market cap in the last 40 days. How can a company lose $80 billion and still survive? O'Leary also said that no one wants to take over this company because they don't want to spend the next 20 years sorting out all the litigation.
BP Stock Price
- Thread starter Rockslinger
- Start date
BP used to be Top 5 integrated oil publicly listed companies without significant states ownership, like those Chinese oil companies or Petrobras for example.
The other 4 in no particular order are Exxon Mobil, Chevron, Royal Dutch/Shell and Total. Maybe the new Suncor size is approaching to those 4 but I suspect at best it's top 10 at most, including those with significant state ownership.
BTW, BP used to be known as British Petroleum but it spirals down to first Beyond Petroleum, then Big Problem and God forbid Bankruptcy Protection, aka Chapter 11.
The other 4 in no particular order are Exxon Mobil, Chevron, Royal Dutch/Shell and Total. Maybe the new Suncor size is approaching to those 4 but I suspect at best it's top 10 at most, including those with significant state ownership.
BTW, BP used to be known as British Petroleum but it spirals down to first Beyond Petroleum, then Big Problem and God forbid Bankruptcy Protection, aka Chapter 11.
Maybe John Browne wasn't such a bad CEO after all. BP's stock price increased 9 fold during his tenure.
Not bashing the gay CEO but if I could recall, he's the one who left over these sh*ts before he resigned/retired due to the scandal on having BP to pay for his "companion" expenses. Little Johnny takes the blunt on all of these malfeasance.
Plus, I smelled hypocrisy when he tried to act "different" by telling people he enjoyed seafood and to be a vegetarian sometimes, compared to his carnivore/rib eye steaks eating, Texan style Exxon Mobil then- CEO, Lee Raymond.
interesting that the cheif tony hayward dumped stock in his own company the week before the leak started. goldman sachs also dumped a majority of their holdings in bp that same week also.
stock is a bargain right now. very well could fluctuate from $20 - $50 for the next 3-5 years as this mess get's straightened out in the courts. Plenty of opportunities to 'channel' this stock with good chances of securing 50-80% returns multiple times in the next few months and years. Remember... $29 was the panic bottom, watch carefully and be warned of a potential falling knife. Though I've bought in yesterday at $31.56 with stop losses at $24.90. very small %age of my portfolio... less than 1%
pencilneck:
Tony Hayward sold stock before disaster:
http://www.telegraph.co.uk/finance/...yward-sold-shares-weeks-before-oil-spill.html
goldman sachs reported dumping BP also:
http://rawstory.com/rs/2010/0602/month-oil-spill-goldman-sachs-sold-250-million-bp-stock/
pencilneck:
Tony Hayward sold stock before disaster:
http://www.telegraph.co.uk/finance/...yward-sold-shares-weeks-before-oil-spill.html
goldman sachs reported dumping BP also:
http://rawstory.com/rs/2010/0602/month-oil-spill-goldman-sachs-sold-250-million-bp-stock/
Point of curiosity: I didn't receive my quarterly BP dividend on June 10. For the first time ever. And one knows why, if you own a TV, a radio, or ever glance at a newspaper. But doesn't BP nevertheless have an obligation to at least send me a mailing explaining its decision to suspend dividends? And wouldn't it have been better for shareholder relations to continue to pay a quarterly dividend for now, but simply lower it substantially? Like cut the dividend in half. Or cut it by two-thirds.
Obama basically forced them to stop paying the dividends, because the optics weren't good. The Americans on the gulf coast make think they are victims; no one was thinking of all those British pensioners partially dependent on BP dividends.
No offense but Obama is known to be anti-British since his paternal grandfather spent at least 6 months in Kenya's Kamiti Prison. His very old man was violently tortured to extract information about the growing insurgency in the independence movement by the British colonists.
Though Obama was asked if this negatively affected his view of the British personally and he replied that it did not, action speaks louder than words by simply looking at the way he bashes BP. It's nothing more than personal vendetta against the Brits.
