BP Escaping Fallout From Underwater Leak Report (BP)

By Jon C. Ogg Published Jan 31, 7:42AM EST

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BP plc (NYSE: BP) is not feeling any continued pain this morning after Monday’s news of an underwater well leak being reported. The oil giant shut part of its North Sea field after the underwater pipe leak was discovered. Production is still apparently halted but the scale of this is currently believed to be small. After recent safety record accusations from Norway and after the 2010 Gulf of Mexico disaster from the Deepwater Horizon platform, BP cannot afford to take any chances even if it costs the company in earnings and even if it means loss of revenues.

Unfortunately, underwater leaks are rather common in many cases and in very small amounts.

BP shares are trading up about 1.3% at $44.72 in the ADRs in early bird trading in New York. Its 52-week trading range is $33.62 to $49.09. If you go back to the depths of the 2010 disaster, BP’s ADRs reached down as low as under $30.00 briefly before snapping back.

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.