Friday, June 4, 2010

BP (NYSE:BP) Cap Successfully Capturing Oil

In good news for all involved and affected, BP (NYSE:BP) said their cap they put in place to siphon oil from the leaking oil well to oil tankers on the surface is successfully working, and they said they have a goal of capturing 90 percent of the oil as they go on with the process.

“I’d like to see us capture 90-plus percent of this flow,” said Doug Suttles, BP’s chief operating officer for exploration and production. That’s possible with this design. We have to work through the next 24 to 48 hours to optimize that.”

Estimates from BP have the rate of oil capture at 1,000 barrels a day at this time.

In a shareholders conference call today, BP CEO Tony Hayword said, “My number one priority is to steer BP through this crisis, and that is exactly what I intend to do.”

It seems they've finally taken a first successful step toward doing that.

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