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BP and Shell Slump

From an article by Alan Oscroft published by The Motley Fool on 6 Jan 2015 under the headline:

“BP plc, Royal Dutch Shell Plc And Tallow Oil plc Slump Further As Oil Hits New Record Lows”

Extracts

The price of Brent Crude slumped below $55 a barrel yesterday for the first time in more than five years, and there are fears now that it could even dip below $50.

BP is hurting

BP dropped 22.3p on the day, for a 5.4% fall to 388p. And with crashing oil prices added to the company’s still-unfinished Gulf of Mexico business, the shares are now down 26% from their July 52-week high of 527p.

Dividends could be cut if oil drops much lower, but cover for 2016’s predicted payout currently stands at 1.66 times — it could be better, but that’s not too bad.

Same goes for Shell

Things are bad for Royal Dutch Shell, too, with its shares suffering a loss of 112.5p (5%) yesterday to 2,123p. That’s well on the way to reversing the mini-recovery that looked to be starting in mid-December, and takes the shares down 29% now from their 12-month record of 2,991p.

FULL ARTICLE

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