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Posts on ‘June 10th, 2010’

China to the Rescue: Will PetroChina Acquire BP?

Associated Press BP PLC CEO Tony Hayward

THE WALL STREET JOURNAL

WSJ BLOGS  JUNE 10, 2010

By Michael Corkery

While it is difficult to know for certain what the Obama Administration believes will be the end game for BP, Deal Journal is pretty sure it isn’t this: A take over by PetroChina, a deal that would give the Chinese oil giant a huge hold on the world’s energy supplies.

And yet analysts at Standard Chartered Bank are making waves this morning with a report that floats out the idea of a PetroChina-BP merger.

PetroChina, which has a $60 billion war chest for acquisitions, is seeking to tap into overseas reserves to feed China’s insatiable demand for oil. According to Bloomberg, Chinese demand for crude is expected to rise at 15 times the rate of the demand in the US. And acquisition of BP would give PetroChina access to 18 billion barrels of oil and gas reserves around the world — a huge boost to its overseas supplies. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

BP on the Defensive as Shares Drop

THE WALL STREET JOURNAL

By JAMES HERRON JUNE 10, 2010

[BP0610]

LONDON—BP PLC said Thursday it sees no justification for the collapse in its share price, even as the U.K. oil major admitted that the cost of the Gulf of Mexico oil spill has risen to $1.43 billion and U.S. politicians pushed for the company to assume even greater liabilities.

BP shares opened down 11% in London Thursday, taking the company’s value to a 13-year low, following a 16% fall in its U.S.-listed shares Wednesday. Shares were recently down 9.2% at 356 pence ($5.17), on a slightly lower London market. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Why BP’s Hayward Is A Goner

Christopher Helman is an Associate Editor at Forbes, based in Houston

President Obama is looking for “ass to kick” and says that if BP Chief Executive Tony Hayward worked for him, he’d have been fired already.

Politicians are out for blood, have their eyes on BP’s cash and are outraged that BP hasn’t yet moved to slash its dividend payments, expected to be on the order of $10 billion this year.

BP shareholders have let it be known that the dividend is sacrosanct, that without it they would likely jettison their BP shares, which have already fallen 40% since the Deepwater Horizon exploded. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

BP stock crashes; oil giant trading below book value

washingtonpost.com

It was a bad day for most stocks today, but it was a bloodbath for embattled oil giant .

Shares of BP dived 16 percent today, driving the stock price to below $30 per share, the worst drop on record for the company. The British energy giant closed at $29.20 per share. More ominously, investors and traders rushed to dump their BP shares: Trading of the stock occurred at four times normal volume today.

As a result, the asset-rich company is now trading for less than its book value, which is essentially all the assets it has — oil fields, oil rigs and so forth — minus intangible assets and liabilities. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Is BP headed for Bankruptcy?

Posted by Stephen Gandel Wednesday, June 9, 2010 at 5:24 pm

How low will BP stock go? Today’s guess: All the way to zero.

Already, the oil spill in the gulf has caused BP shares to drop to $30 from $60. That’s a loss in total market value of $90 billion. Earlier on this blog, I sided with the camp that thought BP might be a buy, because its stock had fallen so far and another oil company might be interested in picking up its assets on the cheap. Now the conventional wisdom seems to be shifting. This from Mr. Too Big:

The idea that BP might one day file for bankruptcy, particularly as part of a merger that would enable it to cordon off its liabilities from the spill, is starting to percolate on Wall Street. Bankers and lawyers are already sizing up potential deals (and counting their potential fees). read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Has Shell’s advertising budget been wisely spent?

FIRST PUBLISHED IN JUNE 2010

Shell’s latest corporate advertisement followed by candid commentary/analysis by Paddy Briggs (right)…

LET’S DELIVER ENERGY
FOR A CHANGING WORLD.
LET’S GO

Today’s consumers are smarter than ever about energy. Naturally they want it to heat, cool and light their homes, get them to work, and power their mobile phones. But they are also keen to help build an energy system that sustains the lives of future generations. They want their energy to come from cleaner sources. They want to get the most out of every drop. And they want to see positive results now.

At Shell, we’re listening. Consumers’ raised expectations inspire us to come up with ever more innovative products and services. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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