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Tuesday 21st of October 2014
10/6/2010

BP shares recover from 14-year low

Story link: BP shares recover from 14-year low by Kay Murchie
BP shares recover from 14-year low

BP’s shares continue to take a battering, falling to a 14-year low at one point in New York trading overnight.

Shares slumped to a 20-month low yesterday after speculation that the oil giant will slash its dividend in order to pay for the Gulf of Mexico disaster.

However, the sudden fall on Wall Street yesterday led the company to assure the market that it was “not aware of any reason” for the drop.

Its stock market value is vital for millions of pension savers, accounting for around £1 in every £7 of blue-chip dividend payouts each year.

The company, which is facing increasing pressure from US President Barack Obama, said the oil spill and the cost of the clean-up and containment efforts had now reached $1.43 billion (£979 million).

Earlier this week, Mr Obama launched a verbal attack on BP as it continues to battle to contain the major oil leak.

Tony Hayward, BP chief executive, made an insensitive comment last month after saying “I want my life back”.

His comments came after the explosion on the BP oil rig on 20 April took the lives of 11 people. The explosion led to thousands of barrels of oil leaking from the well.

In an interview with NBC, Mr Obama said: “He wouldn’t be working for me after any of those statements.”

Meanwhile, the latest comments from Mr Obama suggest that the company should pay unemployment benefits to thousands of oil workers laid off during a moratorium on deep-sea drilling triggered by the spill.

The President said he wants to know whose “ass to kick” at BP and British Prime Minister, David Cameron, will speak to the President over the weekend about the handling of the BP disaster.

 

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