Oil giant makes its comeback
Comeback: The oil giant climbed to the top of the risers in latest trading
By Alex Brummer
Last updated at 1:12 AM on 15th December 2010
No one should get too starry-eyed about BP. The shares are still £2 below the peak achieved before the Macondo well explosion in April, the dividend is still in abeyance and the White House-appointed oil claims czar – Kenneth Feinberg – is still spending the group’s money as the claims from the Gulf region pour in.
Nevertheless, it could be much worse.
Under the settled claims BP receives a legal release; this prevents those taking the cash now from suing. So the fear, at the peak of the crisis last summer, that eventually a renegade, elected Texas judge would make a ruling which would represent an existential threat to the company (as was the case at Texaco a generation ago) has retreated. read more
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