Here’s a round-up of BP plc (NYSE:BP) news stories from this week. BP plc (NYSE:BP) shares ended the week at 37.43 (as of 9/3/2010).
Weekly News Roundup: BP plc (NYSE:BP)
Monday 30 August
At a celebration of BP’s (NYSE:BP) centennial last October, CEO Tony Hayward boasted that the company “lives on the frontiers of the energy industry.”
So much has changed since then, with the Gulf of Mexico oil spill having put the company’s reputation in shambles.
Because of this, BP plc (NYSE:BP) recently failed to get a potentially lucrative drilling permit to drill for oil off the coast of Greenland, and may have to decline further opportunities in the future, until its wounds have healed from the pain of the Gulf of Mexico.
Tuesday 31 August
According to some reports,BP (NYSE:BP) is spending $1 million a week on advertising and radio since the day of its Gulf of Mexico oil well explosion. Doing some quick math we see that should add up to about $18 million.
But even more shocking than that is the estimate from a Kantar Media report that is circulating on Madison Avenue, revealing that BP Plc (NYSE:BP) actually spent a staggering $65.7 million on ads in the second quarter (compared to just $24.6 million in the year-earlier quarter).
Wednesday 1 September
More than $10m has been paid out in emergency payments by BP Plc (NYSE:BP) in the wake of the oil spill in the Gulf of Mexico.
Most of the claims were for loss of income due to the spill. Kenneth Feinberg, who took over the claims process for BP last week, manages the $20 billion fund BP (NYSE:BP) set aside for accident, said he will try to make payments more timely and transparent.
Thursday 2 September
BP Plc (NYSE:BP) said it expects to remove the failed blowout preventer from its Gulf of Mexico oil well by Saturday or Sunday and later plug the leak for good, the top U.S. official overseeing the spill response said on Wednesday.
“We believe in the next 24 to 36 hours, we will enter a weather window that will allow us to proceed,” retired Coast Guard Admiral Thad Allen said at a press release earlier this week in Houston.
We will be monitoring the BP plc (NYSE:BP) stock price for developments over the next couple of weeks.
