Almost a year ago was in the weeks after the Macondo blowout in the Gulf of Mexico, which would shortly give to BP investors less nervous. They feared the British oil giant could be weight tens of billions of dollars in fines, cleanup costs and payments to the families of the 11 rig workers killed and company of the worst oil spill of in U.S. history affected crushed under the. It proved wrong. Is not only BP still in business, it has more money today than before the spill. Earlier this year, the company negotiated massive energy deals in India and Russia. And, despite opposition from some in Congress, there has been continued even exploration in the deep waters of the Gulf.
BP "show, it can get off the canvas and links, has still some fight" says William k. Reilly, co-Chair of the BP deepwater horizon oil spill and offshore drilling Commission appointed him President Obama to investigate the disaster. It "Has a lot of things right", he says.
Robert Dudley, the American that BP was the first non-British Chief Executive Officer in October deserves much of the credit to the strength of the company. He has used enormous profitability of the company to make peace with Washington. In June, Gulf Coast claims Facility Trust Fund helped even before the takeover by Tony Hayward, Dudley the $20 billion to set up, which has so far passed from only $3.6 billion in awards to individuals and companies from the accident injured. Until end of 2010 spent BP $10.7 billion on the cleanup, including the cost of the provision of skimming boats, floating oil more boom, aircraft and crews, the beaches and marshes for oily residue combed. It has promised the region also $500 million for the academic research on the golf environment and support for fisheries and tourism. "There are only a few companies with the means to do what did BP," says j. Robinson West, Chairman of the PFC energy consultant.
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What has BP unable to do, erase the memory of the spill. The US Justice Department is considering homicide charges against three people with the matter, some BP managers from the deaths, the blowout familiar. This would be a setback Dudley's efforts to burnish BP reputation and revive your share price, from 29 per cent since the Apr 20 disaster. And the company has yet enemies galore on Capitol Hill. U.S. Congressman Steve Scalise (R LA.), accused BP for 12,000 jobs thanks to the drilling moratorium, that stopped before recently new deepwater exploration. BP "the rest of the industry in ways which are not injured, fair," he says.
BP has been the financial flexibility to withstand the most storms. Despite his strong spill-related issues of BP cash pile more than double in 2010, $ 18.6 billion. Free cash flow is probably another $ 8 billion to $10 billion this year with the current oil price, estimated Fadel Gheit, analyst at Oppenheimer & co. in New York. Gheit numbers BP has a break-up value of $300 billion, so that it fund losses well above the $41 billion in spill costs has already written it. Gheit questioned that BP losses of this level will exceed.
As the energy business to something close to normal, again pay the quarterly dividend, which suffered after the overflow BP on 28 March. Perhaps most surprised that 47 percent of a site called Santiago prospect that U.S. license has the first on 28 February get again bore the company to lose a still significant business in the US-BP to stop after 10-month in the deepwater Gulf. BP is not the say in Santiago, which is operated by noble energy, but it will probably influence questions how well design.
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Dudley has used the need to raise cash, as an opportunity to redesign BP portfolio with energy dealmaking. The company has already sold $22 billion in properties off as to make it least, large profits, and it has promised, half of their lackluster U.S. refining operation, including a facility in Texas City where 15 dead in an explosion in 2005 to sell. At the same time Dudley felt brave enough to pursue two great deals this year to add resources. The first, with Russia's Rosneft, provides a 7.8 billion US-dollar share exchange and access to potentially huge - but still uncharted - oil fields in the Arctic. In the other BP 7.2 billion dollars paid at 30% for a 23 offshore exploration blocks of India's reliance industries operated. BP who could total investment in the Indian project finally to $20 billion, says BP. "Emphasis on high-risk exploration, which is wise, made the sale and investment", says Alastair R. Syme, Managing Director of energy research at Citigroup in London.
Dudley's fast pace was not bump free. Signing the deal with State-controlled Rosneft has BP Russian billionaire partner in their existing 50 percent owned by Moscow-based affiliate TNK-BP upset. The oligarchs succeeded on 24 March to enticing, a London Arbitration Panel, which itself violates the Rosneft their shareholder agreement with BP, which it was intended say, than the British oil giant to keep large Russian partner TNK-BP. Although this is a failure for Dudley, a turbulent time when the deal is still CEO always think of joint ventures, analysts had by previously probably finally in any way to go - perhaps with BP deposit, to keep its partners happy. Brian M. Youngstown mountain, analyst at Edward Jones, said: "the last thing is BP needs more uncertainty."
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