A Weekly Look at British Petroleum
Over the 50 level could bring shares of BP back to near their pre gulf oil spil levels.
According to Tudor Pickering –
“BP’s settlement with the Plaintiff Steering Committee in the Macondo case is an important step towards putting the incident behind the company. With no net change in the aggregate liability balance, no incremental cash outflow (settlement to be paid by the pre-existing $20B fund), and reduction in risk of punitive damage awards that may otherwise result from a gross negligence determination (however remote), we think this event is worth 5-10% relative value for BP”