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Share Price Information for BP (BP.)

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Share Price: 475.20
Bid: 475.40
Ask: 475.55
Change: 2.40 (0.51%)
Spread: 0.15 (0.032%)
Open: 476.30
High: 479.50
Low: 474.30
Prev. Close: 472.80
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Spill Responders Brace For Hurricane Season's First Storm

Thu, 24th Jun 2010 22:55

By Susan Daker and Angel Gonzalez Of DOW JONES NEWSWIRES HOUSTON (Dow Jones)--Responders to the worst offshore oil spill in U.S. history have struggled for two months to kill the flow from the mile-deep Gulf of Mexico well. The challenge will soon be compounded by the arrival of powerful storms that pummel the region in the summer. Metereologists say a tropical wave brewing in the Caribbean could become Alex, this season's first named storm, by this weekend. BP Plc (BP, BP.LN), which owns the well, and federal authorities have been making preparations to mitigate the impact of storms on their oil containment efforts, but their plans hinge on a hurricane hitting later in the summer. If Alex materializes and heads over the site of the Deepwater Horizon spill, the 1,800-person flotilla that has been painstakingly assembled by BP and the U.S. Coast Guard will have to scatter days in advance. That means that the gusher, which has been somewhat contained by two storage vessels vacuuming crude from the damaged Macondo well, would once again freely flow into the water. The drilling of the two relief wells that are supposed to permanently kill the leak by early August would be stalled for days. Moreover, if a storm shows up next week, BP's plans to double the rate of capture to 53,000 barrels a day by bringing a third collecting ship next week could be temporarily dashed. Scientists currently estimate that the well is spewing 35,000 to 60,000 barrels of oil a day. Hurricanes are nothing new to the Gulf Coast, and oil companies routinely evacuate their personnel and sometimes shut down production platforms when a storm approaches. But the oil collection effort, the result of several failures and improvisations, is still a fragile construct. It stops at the slightest sign of bad weather: if lighting is seen within five miles of the well the system must be halted, U.S. Coast Guard Adm. Thad Allen has said. Moreover, the combined onshore and offshore response effort has brought thousands of additional people to hurricane country, which would be need to be evacuated too. There are over 6,000 response vessels from Florida to Louisiana that are helping in the effort to spot oil and place protective booms. The interruption of BP's delicate dance above the spill site would have to begin six to seven days before the arrival of a storm, Adm. Allen said in a recent news conference. "We're going to have to look at the tracks of these storms, look at the probabilities, and have to act very early on," said Adm. Allen. Any storm entering the area between the Yucatan Channel and the Straits of Florida "should prompt action at that point." At the Deepwater Horizon site, the Discoverer Enterprise would have to be the first ship to unplug from the collection, six to seven days before a storm arrives. BP spokesman David Nicholas said it could take "a couple of days" to disconnect the fixed riser that captures oil from the well and ships it to the vessel. The Q4000, a smaller collecting vessel, would take less time to disconnect because it is connected to the well via flexible hoses, Nicholas said. The 15 or so subsea robots that crawl around the seabottom would have to be pulled up into their home vessels, and the two drilling rigs, each of which have 150 people on board, must also pick up and leave, Nicholas said. He added that the company would act with utmost caution to the perceived threat of a storm. "The safety of the people is paramount," he said. Efforts Underway To Improve Hurricane Readiness BP and the federal government have proposed several plans to toughen up the response effort's resistance to hurricanes. On Tuesday, BP expects the Helix Producer, a third containment vessel, to arrive on scene. This ship can withstand harsher weather conditions but if the tropical wave becomes a full-fledged storm the Helix may not arrive in time. Another "hurricane efficient" ship, the Toisa Pisces, is also expected to join the collection effort later this summer, according to a letter sent by BP Chief Operating Officer Doug Suttles to the federal government. Energy Secretary Steven Chu and Interior Secretary Ken Salazar spoke with representatives of oil producers in the Gulf of Mexico last week in Washington about the possibility of using nearby platforms or pipelines to contain spilling oil. Some pipelines can still operate during hurricanes, which is why using them would make it an attractive option. "We've actually identified a couple of platforms that are in the area that might be capable of taking the product," Adm. Allen said. The rerouting of pipelines and other infrastructure is "quite complex" and could impact existing production in the area, said a person familiar with the situation. Oil companies operating this infrastructure are still in discussions with the government and no decision has been made, the person said. That may be too late to avoid the first named storm of the season. Jim Rouiller, a senior energy meteorologist for Planalytics, said Thursday that a cluster of thunderstorm activity in the Caribbean had a high chance of becoming Alex. Right now models show that the storm could hit anywhere from the mouth of the Mississippi River to Tampico, Mexico, Rouiller said. There are some models that put the storm hitting near Corpus Christi, an oil refining center in south Texas or in Brownsville on the Texas-Mexico border, he said. The storm could be in the Gulf by early next week. The National Oceanic and Atmospheric Administration's forecast calls for an 85% chance of an above-normal season, with a 70% probability of 14 to 23 named storms, eight to 14 hurricanes and three to seven major hurricanes. NOAA says that depending on whether the storm hits, it could push the oil slick closer to the shore or further offshore. The high winds could help break down the oil, although they could also help it spread over a wider area. Storms' surges could carry crude far inland. -By Susan Daker and Angel Gonzalez, Dow Jones Newswires; 713-547-9208;susan.daker@dowjones.com;angel.gonzalez@dowjones.com (Isabel Ordonez and Jason Womack contributed to this article) (END) Dow Jones Newswires June 24, 2010 17:55 ET (21:55 GMT)
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1 Nov 2023 11:39

LONDON MARKET MIDDAY: Stocks lower in cautious trade before Fed rate

(Alliance News) - Stock prices in London were lower at midday Wednesday, as investors eye two key interest rates from the US Federal Reserve and the Bank of England.

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1 Nov 2023 09:36

LONDON BROKER RATINGS: Goldman says 'sell' Segro; JPMorgan cuts BP

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:

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1 Nov 2023 07:40

LONDON BRIEFING: GSK raises annual guidance following Arexvy launch

(Alliance News) - Stocks in London are called higher on Wednesday, with the main focal point for the day being the upcoming US interest rate decision.

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31 Oct 2023 16:59

LONDON MARKET CLOSE: FTSE 100 returns early progress as BP disappoints

(Alliance News) - London-listed blue-chips faded after a bright start with falls in oil majors, and index heavyweights, BP and Shell dragging the FTSE 100 lower.

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31 Oct 2023 15:41

London close: Stocks finish mixed, Rolls-Royce jumps on upgrade

(Sharecast News) - London's stock markets saw a mixed performance on Tuesday, with Rolls-Royce recording solid gains after a rating upgrade, while BP fell on disappointing third-quarter numbers.

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31 Oct 2023 11:52

LONDON MARKET MIDDAY: Stocks up despite Eurozone recession fear

(Alliance News) - Stock prices in Europe were higher at midday Tuesday, despite new data adding to fears that the Eurozone may sink into recession.

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31 Oct 2023 08:54

LONDON MARKET OPEN: Stocks rise; BP shares fall on profit miss

(Alliance News) - The FTSE 100 opened in the green on Tuesday, despite a share price fall for BP, one of the index's largest constituents, amid more positive trading sentiment in Europe and the US.

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31 Oct 2023 08:50

TOP NEWS: BP third quarter revenue falls, calls another share buyback

(Alliance News) - BP PLC shares fell early on Tuesday, after the London-based oil major saw underlying replacement profit fall in the third quarter, although it rose at a statutory pretax level, while revenue fell.

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31 Oct 2023 07:41

LONDON BRIEFING: BP announces buyback; IG to cut 10% of staff

(Alliance News) - Stocks in London are called higher on Tuesday, as the FTSE 100 looks set to shake off weaker economic data from China.

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31 Oct 2023 07:14

BP announces $1.5bn buyback as Q3 underlying profits rise 27%

(Sharecast News) - Oil titan BP has announced a new $1.5bn share buyback after reporting an underlying replacement cost profit of $3.3bn for the third quarter - but the bottom line came in well under market forecasts.

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30 Oct 2023 12:56

Tuesday preview: BP in the spotlight

(Sharecast News) - Financial markets' focus on Tuesday will be on the Bank of Japan as its top officials meet to decide on monetary policy.

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27 Oct 2023 12:06

LONDON MARKET MIDDAY: Oil majors lift FTSE 100 but banks fall

(Alliance News) - Stock prices in London were up at midday on Friday, as the FTSE 100 was led higher by oil majors, tracking a rise in the Brent price.

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24 Oct 2023 15:48

UK earnings, trading statements calendar - next 7 days

Wednesday 25 October 
Asos PLCFull Year Results
Bytes Technology Group PLCHalf Year Results
Critical Mineral Resources PLCTrading Statement
Ecora Resources PLCTrading Statement
Fresnillo PLCTrading Statement
Ibstock PLCTrading Statement
Lloyds Banking Group PLCTrading Statement
Reckitt Benckiser Group PLCTrading Statement
RWS Holdings PLCTrading Statement
ScS Group PLCFull Year Results
Taylor Maritime Investments LtdTrading Statement
Virgin Wines UK PLCFull Year Results
Thursday 26 October 
Bank of Ireland Group PLCTrading Statement
Bloomsbury Publishing PLCHalf Year Results
Botswana Diamonds PLCTrading Statement
C&C Group PLCHalf Year Results
e-Therapeutics PLCHalf Year Results
Financials Acquisition CorpTrading Statement
GCP Infrastructure Investments LtdTrading Statement
HarbourVest Global Private Equity LtdHalf Year Results
Hummingbird Resources PLCTrading Statement
Hunting PLCTrading Statement
Inchcape PLCTrading Statement
International Personal Finance PLCTrading Statement
PPHE Hotel Group LtdTrading Statement
Renishaw PLCTrading Statement
Standard Chartered PLCQ3 Results
Unilever PLCTrading Statement
WPP PLCTrading Statement
Friday 27 October 
International Consolidated Airlines Group SAQ3 Results
NatWest Group PLCQ3 Results
Monday 30 October 
Airtel Africa PLCHalf Year Results
Computacenter PLCTrading Statement
Glencore PLCTrading Statement
HSBC Holdings PLCQ3 Results
Lok'n Store Group PLCFull Year Results
Pearson PLCTrading Statement
Tuesday 31 October 
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Coca-Cola HBC AGTrading Statement
Elementis PLCTrading Statement
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Grit Real Estate Income Group LtdFull Year Results
RHI Magnesita NVTrading Statement
Spectris PLCQ3 Results
TP ICAP Group PLCTrading Statement
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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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20 Oct 2023 10:02

UPDATE: BP ships cargo from expanded Tangguh facility in Indonesia

(Alliance News) - BP PLC on Thursday said it shipped its first cargo from Indonesia's expanded Tangguh liquefied natural gas facility.

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20 Oct 2023 09:55

BP ships first cargo from expanded Tangguh facility in Indonesia

(Alliance News) - BP PLC on Thursday said it shipped its first cargo from Indonesia's expanded Tangguh liquefied natural gas facility.

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