Bp Share Discussion Threads

[robertfaulkner] 04/9/2014 16:56

I hope BP didn't buy back 3 million shares this morning and buys back 6 million tomorrow at 30p per share less.

Probably had to buy back at the usual 9am to 10am today or it would have looked as if expected the gross neg to be awarded against it

Anyway it will get a load more shares tomorrow, to cancel, for it's pounds.

I'm in for £10k more if it drops another 5% tomorrow

[neilyb675] 04/9/2014 16:31

BP strongly disagrees with the decision issued today by the United States District Court for the Eastern District of Louisiana and will immediately appeal to the United States Court of Appeals for the Fifth Circuit.



BP believes that the finding that it was grossly negligent with respect to the accident and that its activities at the Macondo well amounted to willful misconduct is not supported by the evidence at trial. The law is clear that proving gross negligence is a very high bar that was not met in this case. BP believes that an impartial view of the record does not support the erroneous conclusion reached by the District Court.



The Court has not yet ruled on the number of barrels spilled and no penalty has yet been determined. The District Court will hold additional proceedings, which are currently scheduled to begin in January 2015, to consider the application of statutory penalty factors in assessing a per-barrel Clean Water Act penalty. The Clean Water Act requires the District Court to consider a number of factors in determining an appropriate penalty. The statutory maximum penalty is $1,100 per barrel where the court finds simple negligence and $4,300 per barrel where the court finds gross negligence or willful misconduct. During the penalty proceedings, BP will seek to show that its conduct merits a penalty that is less than the applicable maximum after application of the statutory factors.



BP is reviewing the decision and will issue a further statement as soon as possible.

[montyhedge] 04/9/2014 16:29

Down another 5% tomorrow.

[skinny] 04/9/2014 16:28

BP strongly disagrees with the decision issued today by the United States District Court for the Eastern District of Louisiana and will immediately appeal to the United States Court of Appeals for the Fifth Circuit.

BP believes that the finding that it was grossly negligent with respect to the accident and that its activities at the Macondo well amounted to willful misconduct is not supported by the evidence at trial. The law is clear that proving gross negligence is a very high bar that was not met in this case. BP believes that an impartial view of the record does not support the erroneous conclusion reached by the District Court.

The Court has not yet ruled on the number of barrels spilled and no penalty has yet been determined. The District Court will hold additional proceedings, which are currently scheduled to begin in January 2015, to consider the application of statutory penalty factors in assessing a per-barrel Clean Water Act penalty. The Clean Water Act requires the District Court to consider a number of factors in determining an appropriate penalty. The statutory maximum penalty is $1,100 per barrel where the court finds simple negligence and $4,300 per barrel where the court finds gross negligence or willful misconduct. During the penalty proceedings, BP will seek to show that its conduct merits a penalty that is less than the applicable maximum after application of the statutory factors.

BP is reviewing the decision and will issue a further statement as soon as possible.

[holts] 04/9/2014 16:26

Bit of a laugh really Haliburton get away with a piddling fine even though they willfully destroyed evidence , oh i forgot they are american .

[neilyb675] 04/9/2014 16:24

monty - you say the same on every thread ref dividend, lol

[montyhedge] 04/9/2014 16:22

Bang goes the dividend.

[bracke] 04/9/2014 16:19

Skinny

Not so much "overlooked" as buried.

But look on the bright side............cheaper for BP to buy back own shares........if they can afford to!

[johnmfrancis] 04/9/2014 16:16

its certainly a good day again for the lawyers who are going to continue to feast on this for years to come ! It would be good to know what American legal firms are making the most out of the this to buy shares in !!!

The American judge is clearly very biased against BP.
Seems to me many businsses in the area affected by the spill
made a fortune out of this and it was a complete bonanza for them
in compensation claims. Seems to me no-one lost money out of
it apary from BP of course.

Obvioulsy the families of the people who lost their lives
are the ones who should benefit the most. Seems to me the judge
is favouring an awful lot of fraudulent claims and legal sharks.

[skinny] 04/9/2014 16:15

Overlooked -

[emeraldzebra] 04/9/2014 16:12

....''a good divi earner -------but for how long'' !!????

[skinny] 04/9/2014 16:12

Here's the link



Perhaps we should hold Obama to ransom has he is in the UK.

[neilyb675] 04/9/2014 16:08

interesting days ahead

[alexios1201] 04/9/2014 16:08

What!? $50bn TO???

[bracke] 04/9/2014 16:07

BP are the most responsible.

[johnmfrancis] 04/9/2014 16:07

Taking a long term view if we get a run on the share price back down
to the sub £4 levels its going to be a good time to accumulate some more.

I believe one day we will see this back around £7 levels but not
for a few years unless we get a major spike in oil prices which of
course could happen. In the meantime just look to accumlate as a
good dividend earner.

[2hoggy] 04/9/2014 16:05

What are they trying to do destroy the company or weaken for a takeover?

[careful] 04/9/2014 16:04

a perfect storm.
at least my bp. holding helps me forget my supermarket woes.

[johnmfrancis] 04/9/2014 16:02

Not much of a surprise here.

Lets see how this progresses and what the fine
acutally ends up being and then we can
perhaps see an end to the uncertainty overhanging
the company. Once we can see a "worst financial case" position
which BP can then spend several more years legally
arging over as its quite entitled to due to the
injust way its been treated at least then a potential
predator like Exxon may reconsider a possible takeover / merge
for tax inversion reasons.

It would certainly serve the USA right if it were to lose
a hefy chunk of Corporate Tax revenue if this were to happen.

[careful] 04/9/2014 16:00

i almost forgot, BP. have struck a deal with putin.
we are lucky not to be having air strikes against us.

[montyhedge] 04/9/2014 16:00

Wow, yanks trying to hit BP again bigtime..

[pineapple1] 04/9/2014 15:59

BP 67% ,Transocean 30% and Halliburton 3%

[careful] 04/9/2014 15:58

transocean managed the rig, Halliburton sealed the well, Cameron supplied the emergency valve shut off systems.

BP. owned the rig so and American law seems to want to bankrupt them for employing (at great expense) three incompetent American sub contractors.