Thursday, May 27, 2010

BP (NYSE:BP): 24-48 Hours Before "Top Kill" Results Known

Contrary to some reports, there is no conclusive evidence that the "Top Kill" effort by BP (NYSE:BP) has been successful, and according to a company spokesman, it could take from 24-48 hours before they know for sure whether or not it succeeded.

The company is pouring heavy fluids into the oil leak in order to stop the flow. As it has never been attempted before, the chances of success are about 60 to 70 percent form the point of view of BP.

Some media outlets had reported it was successful, but that's unfair and irresponsible reporting, as it generates expectations which could cause more harm to BP because those assertions are out of control, but they would have to pay for them.

Either way, it seems that at least part of the leak has been plugged, and a minimum, it could stem the flow of oil from coming out at the levels they have been coming out.

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