Bp Share Discussion Threads

[careful] 04/9/2014 20:51

American justice is corrupt.
Sometimes you could shed a tear for Putin having to deal with those scoundrels.
I am neutral on whether to believe Putin and his motives or the USA.

[neilyb675] 04/9/2014 20:41

^^^^^agreed

[topvest] 04/9/2014 20:36

Outrageous decision today. BP were in my view negligent and a little unlucky (accidents do happen) but certainly not grossly negligent. This has already cost shareholders US$43M and now its heading to $50M+. They messed-up, but not this badly. They are now being turned over by vultures...shame on them all. This is not justice.

Having said that this is probably just the opening shot so that lawyers can get paid enormous fees over the next few years as this goes to appeal and eventually gets settled at something sensible. BP just seem to be the latest feeding ground for lawyers, fraudsters and compensation junkies.

[hvs] 04/9/2014 19:23

A bunch of leeches in charge.

[robertfaulkner] 04/9/2014 19:23

Gold down again, even with all this global mayhem, who would have thought it

[uncle_sam] 04/9/2014 19:22

PramBanger, you still have rose coloured glasses on, and don't have a clue. Don't be such a martyr; sell up your BP and move on.

[robertfaulkner] 04/9/2014 19:19

Don't worry about div, the fine will take years in the courts

Many UK pension funds need BP divs to keep paying out pensions

[robertfaulkner] 04/9/2014 19:17

I hope UK doesn't start bombing Iraq to hit IS until after Scot Referendum and Obarmy calls off the attack on BP

If we bomb IS before Scot Ref and IS shows innocent children being hit by UK bombs then Salmond will have a field day saying, get out of UK to stop bombing children and Scot newsman won't be beheaded if scot not part of UK

(As far as I know the threatened UK hostage, to next be beheaded, is from Perth, Scotland)

After Scot Ref then we will help[ US if they call off the attack dogs after BP's funds

[smurfy2001] 04/9/2014 18:41

I think the dividend will be cut if the fine is upheld. But it will be a while until the decision if final.

[unastubbs] 04/9/2014 18:25

bit disappointed by today's news, however, my main concern is the dividend. i've no idea how this will all play out but i do believe it will take years. i personally believe that they won't cut the payout in the near future while they take the litigation to its full extent. hopefully over that time frame they will have saved more cash from disposals and profits to pay the final legal reckoning. the adr's are rebounding slightly in the us and give an implied ordinary share price of £4.62...

[2hoggy] 04/9/2014 18:21

No doubt the eu wont affect those german companies trading with russia.

[bracke] 04/9/2014 18:16

Not wishing to add to the woes but........'EU plans to target Russian oil groups with sanctions' This includes Rosneft.

[barony] 04/9/2014 18:09

BP screwed up and deserves to be punished. However, I think there is a strong message coming through that the USA does not really want foreign companies operating there as it turns a blind eye to fraudulent claims made against BP and preferential treatment given to US companies who are, (at least), equaly responsible for the incident. Watch as they screw the foreign banks too. (This all happening becasue of the company name British Petroleum, even though it is at least 50% American.)

[smurfy2001] 04/9/2014 17:57

Basically this share looks like it's going to be drifting downwards given the court date IMHO.

[smurfy2001] 04/9/2014 17:56

Statement on Gulf of Mexico

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.

[smurfy2001] 04/9/2014 17:55

Well it's absolutely disgusting no US companies are to blame for this.

[prambigear] 04/9/2014 17:51

In all the reports of the trials, over all of the 4 years, I have yet to see a statement of what BP did or didn't do to make them grossly negligent?

[frightened city] 04/9/2014 17:26

It will be small beer of course but to me 'gross negligence' and 'willful misconduct' open the door for bonuses and the like (share awards) to be clawed back by the company from the executives responsible?

[montyhedge] 04/9/2014 17:15

leesson
Only small punt, San Leon, option money.

[leesson] 04/9/2014 17:10

Monty are you buying any oilers while the sector is on its knees

[wipo1] 04/9/2014 17:04

I prefer total sa and statoil. I bought these a while ago. A good hedge buying in dollars because the pound is heading for 1.50

[montyhedge] 04/9/2014 16:59

Yanks just hate British Petroleum as Obama calls it.

[montyhedge] 04/9/2014 16:57

Why divi will be cut, to pay for all this.