Monday, July 12, 2010

BP (NYSE:BP): Share Prices, Oil Futures, Energy Stocks

Based on the optimism that Apache Corporation may purchase about $12 billion of BP's (NYSE:BP) assets, BP's shares saw another incline. BP's reasoning for this possible sale is to help raise $10 billion to help cover the cost from the devastating explosion and sinking of the Deepwater Horizon rig.

BP saw a 5.6 percent increase to $35.96, continuing last weeks surge of 13 percent. Even though it's reported that the BP bill has reached over $3.5 billion. This lift in stock prices has helped raise energy stocks across the board. Anadarko rose 2 percent to $46.43. In an emailed statement to Dow Jones Wires, John Christiansen, Anadarko's spokesman said, " We have notified BP that we are withholding reimbursements to BP at this time."

While Apache Corporation declined 2.2 percent to $85.95. An analysts from Tudor Pickering Holt said that if Apache were to continue ahead with their possible move, it would prove their track record of purchasing mature assets and wringing the profits from them. " APA made their company buying mature assets from majors and making them work stronger/harder/longer. So it shouldn't surprise if they are hunting BP's Prudhoe assets, as reported in various newspapers over the weekend," said the analyst from Tudor Pickering Holt.

The New York Stock Exchange Arca Oil Index rose 0.7 percent to 952. While The Philadelphia Oil Service Index increased 0.6 percent to 179. The New York Stock Exchange Arca Natural Gas Index inclined 0.3 percent to 511.

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