Monday, June 28, 2010

$BP said the cost to date is now $2.65B; $BP massive energy trading exodus ongoing at $BP China wins..

This image of Tropical Storm Franklin was acqu...



· BP provides update on GoM oil spill – BP said the cost to date is now $2.65B and two systems continue to collect oil and gas from the Deepwater Horizon’s blow out preventer. Bloomberg

· BP is building up its cash reserves (this hit the tape during trading on Fri) – the co is taking steps to raise cash and credit; it has recently added $5B to its liquidity ($3B via new bank lines and ~$2B by borrowing against its stake in Rosneft); the co’s total cash and available credit now tops $20B; the co dismisses bankruptcy speculation and analysts think it has ample assets to sell should it decide to go that route; a takeover bid for the whole company seems unlikely until the full scope of the liability becomes known – WSJ

· Tropical Storm Alex to miss BP clean-up efforts in the Gulf - Alex is crossing over the Yucatan Peninsula, but is expected to cross into the southwest Gulf of Mexico this week before making landfall again along Mexico's coast; the projected path will keep gale force winds to the West of the clean-up (WSJ) 

· States weigh large claims against BP – lawyers advising the states say they may seek multi-billion dollar payouts (WSJ) 

· Obama and UK PM Cameron hold their first major meeting since Cameron took office and renewed the US-UK “special relationship” (the meeting took place on the sidelines of the G20); both men agreed on the need to preserve BP as a going concern (London Times)

· BP – the co’s massive energy trading ops, which accounted for as much as 20% of the firm’s profits, has an uncertain future following the Deepwater sinking & subsequent oil spill.  There are signs that trading partners are becoming wary of the firm’s financial outlook.  NYT

· BP – a co spokesman says Hayward remains as CEO – Reuters 

· US spill efforts to ramp up; anxious eyes on storm – The first named storm of the hurricane season is threatening the clean up efforts in the Gulf as BP attempts to plug its leaking well. Although it could implicate clean up efforts, the storm isn’t expected to pass by the leaking well. Reuters

· Oil spill hits Mississippi shore, Alex looms – Oil washed ashore in Mississippi as tropical storm Alex moved into the Gulf, threatening clean up efforts. Reuters

· E.ON may sell 3.5 pct share in Gazprom – E.On may sell its 3.5% stake in Gazprom, which is valued at around $4B. The company said it doesn’t want to sell the stake in the open market due to share price concerns. Reuters

· DP World delays LSE dual listing, shares fall – Port operator DP World put off plans to get a dual listing on the London Stock Exchange, saying it needs an acceptable system to support the listing first. Reuters

· NOL hires banks for roadshow this week-source – Neptune Orient Lines has hired three banks to arrange a meeting with investors regarding a possible bond issue. Reuters

· Belarus leader: Russia ties to survive gas war – The gas dispute between Russia and Belarus shouldn’t cause a lasting split between the allies but could boost Minsk’s search for alternative gas suppliers, according to Belarus’ President. Reuters

· Argentina reaches deal with China over soyoil – Argentina reached an agreement with China to end the nation’s freeze on soyoil imports from Argentina. Reuters

· India fuel price rises stoke fears of inflation – India raised the prices of state-subsidized petrol and other fuels amid pressure to reduce its budget deficit. The price rises risk creating inflation worries, which is already in double-digits, and could force monetary tightening before the central bank’s policy review on July 27. Reuters

· Cabot Oil & Gas announces successful start-up of its Lathrop compressor station – COG said they had a successful start-up of their Lathrop compressor station and the immediate production maximization of new capacity. Bloomberg

· JP Morgan cuts 2010 oil price forecast 7% on dollar – JP Morgan cut its forecast for 2010 crude to $81.75 from $88, citing a stronger dollar against the euro will limit crude’s potential to move higher. Bloomberg

· Solar stocks down on Goldman rating change – Q-Cells and Solarworld fell 4-5% overseas after Goldman cut its ratings to sell from neutral on both names. Other solar stocks are also weaker after Goldman made similar rating changes to PV Crystalox Solar, ReneSola, Conergy, Solon, and Solar Technology. Reuters

· FSLR initiated buy at Goldman Sachs.

· SPWRA initiated N at Goldman Sachs.

· WFR initiated sell at Goldman Sachs.

· MUR removed from short term buy list at Deutsche Bank.

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