In an interesting decision, BP (NYSE:BP) decided to keep its head of their Gulf of Mexico unit, James Dupree, in place, after more changes in its management team since the Deepwater Horizon disaster.
An internal company email revealed that the same wasn't true of the head of BP's North American natural gas business, Kent Wells, who was one of their key people in capping the oil well.
According to the email, Wells "led the strategic move into shale and the step change in personal safety performance."
Concerning Dupree, the company said in the email that "James Dupree is confirmed regional president, Gulf of Mexico." Although it's a different title than in the past, it's essentially the same position.
Showing posts with label Oil Well. Show all posts
Showing posts with label Oil Well. Show all posts
Monday, October 18, 2010
Thursday, September 23, 2010
BP (NYSE:BP) Seeks New PR Head
In a position that may be as hard as capping the failed BP (NYSE:BP) oil well, the energy giant is starting the search for a new public relations leader, as the the company begins its work on healing its diseased reputation.
Since the days in the early part of the crisis when outgoing CEO Tony Hayward committed public relation gaffe after gaffe, the company has been in need of someone in place who can help restore the image of the company.
Now that the oil well is permanently sealed and the focus of the media slowly leaving the company, they have some room to begin working in this regard, and at least something to hang their hat on, although they're just at the beginning process of litigating their way through numerous lawsuits.
The current head of media relations for BP, Andrew Gowers, is expected to stay on at the company, although he'll be reporting to the new communications director when he comes on board.
Since the days in the early part of the crisis when outgoing CEO Tony Hayward committed public relation gaffe after gaffe, the company has been in need of someone in place who can help restore the image of the company.
Now that the oil well is permanently sealed and the focus of the media slowly leaving the company, they have some room to begin working in this regard, and at least something to hang their hat on, although they're just at the beginning process of litigating their way through numerous lawsuits.
The current head of media relations for BP, Andrew Gowers, is expected to stay on at the company, although he'll be reporting to the new communications director when he comes on board.
Monday, September 20, 2010
Market Ignores BP (NYSE:BP) After Permanently Killing Oil Well
The news that BP (NYSE:BP) killed their oil well was largely ignored by investors and traders, as their minds were on gold and other more important matters.
Thad Allen, the government point man for the BP oil crisis, announced on Sunday they have officially killed the oil well with the "bottom kill," the final step in the process.
Investors shrugged off the news today, although BP got a bump up early in the trading session, and is up to $38.40, gaining $0.37, or 0.97 percent, as of 12:01 PM EDT.
This was somewhat of an anti-climax concerning the well, as it hasn't leaked oil since July 15, and most considered it a foregone conclusion that the oil giant would be able to successfully complete the task.
BP now can fully focus on the legal aspects of the situation, which is picking speed, and also selling assets to raise capital to pay for legal losses and government fines.
Only a little over 3 million shares had traded hands at about noon today, down from the usual 30 million 3-month average.
Thad Allen, the government point man for the BP oil crisis, announced on Sunday they have officially killed the oil well with the "bottom kill," the final step in the process.
Investors shrugged off the news today, although BP got a bump up early in the trading session, and is up to $38.40, gaining $0.37, or 0.97 percent, as of 12:01 PM EDT.
This was somewhat of an anti-climax concerning the well, as it hasn't leaked oil since July 15, and most considered it a foregone conclusion that the oil giant would be able to successfully complete the task.
BP now can fully focus on the legal aspects of the situation, which is picking speed, and also selling assets to raise capital to pay for legal losses and government fines.
Only a little over 3 million shares had traded hands at about noon today, down from the usual 30 million 3-month average.
Thursday, August 26, 2010
BP (NYSE:BP) Hiding Something with Relief Wells?
In another instance which seems to point to BP (NYSE:BP) always having something else in mind besides using the relief wells for the "bottom kill," which would be a guaranteed permanent sealing of the oil well.
When asked about this by federal investigators looking into the causes of the explosion on the Deepwater Horizon oil rig, BP Senior Vice President Kent Wells skirted around the issue and didn't commit to anything.
Wells said, there are "multiple options" to stop the flow of oil and the relief wells are "the ultimate backup if everything else fails."
Some think this represents a behind the scenes battle between government point man Thad Allen and BP, but if you've followed this story, Allen had been speaking in similar terms not that long ago.
I think all parties involved want to be able to extract the remaining gas and oil in the well to help pay for the liabilities incurred by the spill.
It seems they're hoping as the process advances that people will be more open to having that be the case, as it makes sense to do that and not waste the resource because of the bad circumstances surrounding it.
When asked about this by federal investigators looking into the causes of the explosion on the Deepwater Horizon oil rig, BP Senior Vice President Kent Wells skirted around the issue and didn't commit to anything.
Wells said, there are "multiple options" to stop the flow of oil and the relief wells are "the ultimate backup if everything else fails."
Some think this represents a behind the scenes battle between government point man Thad Allen and BP, but if you've followed this story, Allen had been speaking in similar terms not that long ago.
I think all parties involved want to be able to extract the remaining gas and oil in the well to help pay for the liabilities incurred by the spill.
It seems they're hoping as the process advances that people will be more open to having that be the case, as it makes sense to do that and not waste the resource because of the bad circumstances surrounding it.
Thursday, August 19, 2010
BP (NYSE:BP) Not Responding to Transocean (NYSE:RIG) Request for Oil Spill Documents
Documents which could shed light on the cause of the oil spill have been requested by Transocean (NYSE:RIG) from BP NYSE:BP), which owned the Deepwater Horizon oil rig that they had leased to BP.
In a letter to BP on Wednesday, Transocean attorney Steven Roberts pressed the issue harder, and sent a copy of the letter to members of Congress as well as the Obama administration.
A copy of Roberts' letter, revealed he told BP that "the task of fairly determining the cause and measures to improve the safety of all offshore workers cannot be completed in a manner that instills confidence in any findings.”
There were 16 categories of data Transocean is asking for, including tests on the blowout preventer, which would shed light on whether or not that was the ultimate cause of the accident.
The blowout preventer remains trapped in the oil well, and is part of the reason for the delay of the bottom kill, as concerns the permanent plugging of the well could damage it, compromising its use to determine whether it had failed to do its job.
In a letter to BP on Wednesday, Transocean attorney Steven Roberts pressed the issue harder, and sent a copy of the letter to members of Congress as well as the Obama administration.
A copy of Roberts' letter, revealed he told BP that "the task of fairly determining the cause and measures to improve the safety of all offshore workers cannot be completed in a manner that instills confidence in any findings.”
There were 16 categories of data Transocean is asking for, including tests on the blowout preventer, which would shed light on whether or not that was the ultimate cause of the accident.
The blowout preventer remains trapped in the oil well, and is part of the reason for the delay of the bottom kill, as concerns the permanent plugging of the well could damage it, compromising its use to determine whether it had failed to do its job.
Friday, August 6, 2010
Why is BP (NYSE:BP) Not Committing to Cementing Relief Well?
The apparent turnaround by BP (NYSE:BP) in regard to pumping the relief well full of mud and cement to permanently plug the oil well, speaks to something happening behind the scenes which isn't being communicated to the public.
Lately when asked about injecting the oil well for the bottom kill, BP hasn't said they're going to plug the well permanently, seeming to say they're considering doing something with the oil rather than trapping below the Gulf floor with no profitable way to extract it again.
That speaks to coming back some day and resuming operations, which after things calm down, they could attempt, or more likely, it speaks to them thinking in terms of selling the asset to another oil company.
The estimated amount of oil left in the well is a little over 45,000 barrels, which would fetch well over $3 billion. BP is probably thinking why waste the oil when they could sell the asset as part of the process of raising capital.
But the sensitive nature of coming out with that at this time would cause a new round of criticism from some quarters, and would detract from the success in finally getting a handle on the leaking oil.
There can be no doubt the government is talking with BP behind the scenes about this, although they are sure not to admit to this, at least no anytime soon.
It makes sense to not waste the oil, which American consumers so desperately need, and to not to waste the capital BP could raise help them over the next several years.
Lately when asked about injecting the oil well for the bottom kill, BP hasn't said they're going to plug the well permanently, seeming to say they're considering doing something with the oil rather than trapping below the Gulf floor with no profitable way to extract it again.
That speaks to coming back some day and resuming operations, which after things calm down, they could attempt, or more likely, it speaks to them thinking in terms of selling the asset to another oil company.
The estimated amount of oil left in the well is a little over 45,000 barrels, which would fetch well over $3 billion. BP is probably thinking why waste the oil when they could sell the asset as part of the process of raising capital.
But the sensitive nature of coming out with that at this time would cause a new round of criticism from some quarters, and would detract from the success in finally getting a handle on the leaking oil.
There can be no doubt the government is talking with BP behind the scenes about this, although they are sure not to admit to this, at least no anytime soon.
It makes sense to not waste the oil, which American consumers so desperately need, and to not to waste the capital BP could raise help them over the next several years.
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