Industrials/Materials/Energy $BP

· BP’s top kill fails, piling more pressure on Obama – BP said its top kill maneuver to plug the
leaking well in the Gulf failed, ruined hopes for a quick end to the oil spill. It could be another two
months for the company to turn off the gusher, which could undermine Obama as he is under
increased criticism for a slow response to the disaster. Reuters
· Failure of top kill a huge blow for BP – The failure to stop the leaking oil well is leaving the
company with diminishing options and is continuing to frustrate local residents as well as the Obama
administration. The company will now proceed with a new method by removing the damaged riser
and a cap will be placed straight onto it. This operation’s success also has no guarantee. If it fails, the
only permanent solution would be the well BP is currently drilling, which could take two months to
complete. Reuters
· SI mentioned positively at Barron’s.
· Commodities corner – Oil prices look well capped – Barron’s says the high debt levels in Europe

and financial instability could weigh on oil demand, despite prices below $70 being a trigger for
buyers to step in. Although Greece, Spain, Portugal, and Ireland make up only 4% on global oil
demand, surplus oil inventories continue to sit near 19-year highs. Reuters
· Alaska pipeline restarts, oil flow expected soon – The Trans Alaska Pipeline restarted Friday
night after being closed for four days. The pipeline is owned by BP, COP, and XOM and they expect
to begin moving oil shortly. Reuters
· US pressure leads RIG to revise liability bid – Officials are calling RIG’s $27M liability request of
$27M unconscionable. Regulators also expressed outrage over the company’s plans to pay $1B in
dividends. Reuters
· MTI Global provides update on sale of aerospace business – MTI Global said 3M Canada and
MTI anticipate closing the deal on or before June 7. The company says it intends to complete a
special distribution between C$0.225-0.325 per share. Reuters
· LEN to enter Atlanta market – LEN has undertaken a land acquisition near Atlanta, acquiring the
land at the Caswell Overlook development. The company said it will build homes starting at $167K.
Reuters