Energy stocks saw a jump today, including Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), BP (NYSE:BP), and Anadarko (NYSE:APC). Exxon rose 1.7 percent on Thursday, causing the Dow Jones Industrial Average to rise 52 points.
Chevron rose 1.5 percent. Also providing a rise is crude oil futures with the July front running contract up to $73.23, a 37 cent increase.
BP, who has lost a total market value of $68 million saw an increase. BP went to $38.33, gaining 1.8 percent. This gain could be because of BP's success in fully cutting the pipe. Now they can proceed with trying to put the cap on it. Although, it is not a clean cut which is looking like it will cause problems, potentially making the cap not fit snug. If this is the case oil would still be leaking and a secondary cap would have to be put over top of the first one.
BP is planning on funding a project to put sand barriers around the wetlands in Louisiana, this will cost BP $360 million dollars. Even though this won't fully stop the oil, as there is already a considerable amount that is continuing to devastate Louisiana, the hope of this endeavor is to keep out the worst effects from the oil.
Finally, there is Anadarko who rose 1.2 percent to $44.89. They seem quite confident because they haven't changed their projection for 2010 on capital spending plans or their production outlook.
Showing posts with label Louisiana wetlands. Show all posts
Showing posts with label Louisiana wetlands. Show all posts
Thursday, June 3, 2010
Friday, May 21, 2010
First Beach Closed, Thanks To BP (NYSE:BP)
The first beach has been closed in Louisiana thanks to the BP (NYSE:BP) oil spill. Officials in Grand Isle, LA. said this is due to thick gobs of oil being washed up onshore. Until now, only light sheen and tar balls had been washing up.
Now there is also orange colored splotches and heavier brown sheets, the consistency of latex paint says Chris Roberts, a local official who surveyed the area this morning. "You can scrape it off the beach but it's coming right back," said Roberts. As well as an awful stench, it's also coating the grasses and reeds of the Louisiana wetlands.
Doug Suttles, BP executive in charge of fighting the oil spill told CBS Early Show, the gusher could continue on until early August, this would be the worst case scenario. That's when a new well being drilled to permanently cap the flow could be finished.
Now there is also orange colored splotches and heavier brown sheets, the consistency of latex paint says Chris Roberts, a local official who surveyed the area this morning. "You can scrape it off the beach but it's coming right back," said Roberts. As well as an awful stench, it's also coating the grasses and reeds of the Louisiana wetlands.
Doug Suttles, BP executive in charge of fighting the oil spill told CBS Early Show, the gusher could continue on until early August, this would be the worst case scenario. That's when a new well being drilled to permanently cap the flow could be finished.
Subscribe to:
Posts (Atom)
