Tuesday, September 7, 2010

BP's (NYSE:BP) Internal Report to be Released Wednesday

While it won't be the final word on the matter, the internal report from BP (NYSE:BP) which investigated the causes which led up to the explosion on the Deepwater Horizon oil rig, will be released Wednesday morning, and should give a preliminary look at what went wrong.

One major piece of the puzzle missing from the report is the blowout preventer, which is considered the key piece of evidence in what went wrong that day.

The failed blowout preventer was raised from the Gulf bottom during the weekend and FBI agents were on board the BP vessel 'Helix Q4000' to take charge of it.

There has been some concern from other companies with potential liability in the oil well, like Anadarko (NYSE:APC) and Cameron International (NYSE:CAM) on how the blowout preventer will be examined.

The Department of Justice, which now has control of the preventer, hasn't communicated how it's going to proceed with the investigation at this time.

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