Interestingly, BP’s (BP) shares are up this morning, even though the news flow regarding the Gulf of Mexico spill is decidedly mixed.
BP is up $2.89, or 6.81%, at $45.30
The New York Times and The Wall Street Journal both ran prominent stories this morning outlining how BP may have made hasty decisions aboard the Deepwater Horizon rig in April that led to the explosion.
And President Obama is expected to announce shortly that the administration will extend for six months a drilling ban implemented right after the Gulf Spill.
BP executives face questions on their actions before the House Committee on Natural Resources today, and the “top kill” plan, while having stabilized the leak, is not without risk, as there is still a chance it could exascerbate the spill.
Some are more optimistic. Michael Hooker of Nollenberger Capital Partners, an energy-focused fund, this morning says, “There is no official word from BP, but the Coast Guard apparently has stated that the ‘Top Kill’ method to seal the well appears to be working. In theory, the longer the procedure goes the higher the chance of success.”
Shares of the rig operator, Transocean (RIG), are up $3.42, almost 6%, at $62. Halliburton (HAL), the contractor on the rig, is up $1.26, almost 5%, at $27.05.
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