Here’s a run-down of BP plc (NYSE:BP) news briefs from last week. BP plc (NYSE:BP) company shares ended the week at 37.1 (as of 7/16/2010).
Weekly News Roundup: BP plc (NYSE:BP)
BP announced that a new well cap could finally stop the oil leak that has been flowing into the Gulf of Mexico for the last 12 weeks. Testing is expected to start today and will last an estimated 6-48 hours, depending on conditions. Partly on this news, BP plc (NYSE:BP) shares have rebounded 42 percent since the end of June.
According to the company’s website, pipeline operator Magellan Midstream, a pipeline operator, said Tuesday it would pay BP plc (NYSE:BP) $289 million for a 100-mile stretch of pipeline in Texas. Also included in the purchase is a crude oil storage facility located in Cushing, Oklahoma. Magellan has purchased from other companies more than $2 billion-worth of assets since its IPO in 2001.
BP plc (NYSE:BP) have been trying to test whether they can seal the Macondo well completely. This begins with pressure testing, and will hopefully continue with a complete shutdown of the well, and sealing of the main route for oil flow.
BP plc (NYSE:BP) has now begun the test, but the results are as-yet unknown.
The energy giant, currently mired in problems stemming from an oil leak in the Gulf of Mexico, announced yesterday it had successfully stemmed the flow as they conduct more tests.
BP plc (NYSE:BP) Senior VP of exploration made the announcement that no oil was leaking from the well for the first time since April.
We’ll be keeping a close eye on the BP plc (NYSE:BP) stock level for developments over the next few weeks.