Tuesday, October 5, 2010

BP (NYSE:BP) Lowering Capex to Help Fund Gulf Cleanup

BP (NYSE:BP) has made a couple of move recently to cleanup the Gulf and its reputation.

The most recent announcement is they're going to reduce capital expenditures by 10 percent in order to release funds to pay for the Gulf cleanup.

Recently they also said they're going to lower the number of operatorships it holds in the Gulf, raising more capital by selling portions to other operators.

New BP CEO Bob Dudley also said there shouldn't be a problem reinstating the dividend for BP sometime in the near future, although he balanced that by saying it's the board of directors' decision and not his as to when that would happen.

Slowly a sense of normalcy is returning to the company, and that could be a good thing for their market cap, which would help them going forward as the value of the company rises.

1 comment:

Anonymous said...

BP is about to launch a new PR campaign from its BPCares.com website. In a leaked memo attained from a board member to Inside The Room, BP decided to acquire the BPCares domains to counter the false perceiption that the oil giant has a weak corporate culture towards the environment. A spokesperson was quoted “we have to fight fire with the truth”.
The BPCares domains that was was acquired are:

BP is expected to launch the new website soon.