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Friday, June 18, 2010
BP's Bucket of Oil
Drink it down, America -- and world!!!!!

"BP has spent about $1.8 billion on the spill, but that’s the first drop in a very large bucket....

As opposed to the oil in the Gulf.

BP posted $17 billion in profit from its vast operations around the globe last year.... More important, in the past three years the company generated $91 billion in cash flow from operations.... not highly leveraged with debt.... And it has 18 billion barrels of oil in proven reserves....

The company also plans to raise $10 billion from selling some assets. Add cash lying around in bank accounts and in short-term investments and BP could raise $25 billion without breaking much of a sweat.

How much CASH YOU HAVE LYING AROUND, American?

What’s more, BP is expected to generate $30 billion this year in operating cash flow, assuming oil prices don’t fall"

And IF they RI$E!?!?

Yeah, it sure does stink, readers.

"Despite mounting Gulf costs, BP on strong financial footing; Strain would drive most firms under" by Bernard Condon and Michael Liedtke, Associated Press | June 18, 2010

NEW YORK — BP holds enough oil in its reserves to single-handedly supply the United States for two years. It has little debt for a company of its size and makes more money than Apple and Google combined.

So when the White House persuaded its executives to set aside $20 billion for the Gulf oil spill, investors weren’t worried it would bankrupt BP. They barely batted an eye.

Related: Obama Plays Music to BP's Ears

I didn't know Obama played the SKIN FLUTE, did you?

“The US government will become insolvent before BP does,’’ said Bruce Lanni, a stock analyst with Nollenberg Capital Partners.

Yeah, because WE ALREADY ARE!!!!!!

Sure, BP stock has crumpled in half in a matter of weeks. Creditors are demanding ever higher interest. But this time it’s not some inscrutable, high-flying Wall Street bank in trouble.

And they are still going to get a bailout.

See: Senate Working on BP Bailout

How come they are never working for you, Americans?

BP posted $17 billion in profit from its vast operations around the globe last year, compared with $5.7 billion for Apple and $6.5 billion for Google. More important, in the past three years the company generated $91 billion in cash flow from operations.

It’s not highly leveraged with debt, as banks were during the financial crisis. And it has 18 billion barrels of oil in proven reserves, twice what the US consumes every year.

BP has spent about $1.8 billion on the spill, but that’s the first drop in a very large bucket based on a Goldman Sachs estimate....

Under Wednesday’s deal with the Obama administration, BP will suspend its dividend for the rest of 2010, freeing up $8 billion.

Oh, that won't make CONGRESS happy!

The company also plans to raise $10 billion from selling some assets. Add cash lying around in bank accounts and in short-term investments and BP could raise $25 billion without breaking much of a sweat.

What’s more, BP is expected to generate $30 billion this year in operating cash flow, assuming oil prices don’t fall.
Much of this operating cash has to be plowed back into the company, but....

They can do whatever they want with it, sigh!!!!!

--more--"

So what does Congress have to say about this?

"BP chief says he’s not responsible for oil leak; Tells Congress he had no role in drilling well" by John M. Broder, New York Times | June 18, 2010

WASHINGTON — Even before Tony Hayward, chief executive of BP, began his testimony, the hearing of the oversight and investigations panel of the Energy and Commerce Committee produced some fireworks. A protester with hands stained with a dark substance was dragged from the hearing room shouting: “You need to be charged with a crime. You need to go to jail.’’

Nothing like a CONTROLLED OPPOSITION PLANT for the SHOW FOOLEY HEARINGS!!

HOW DO YOU think they GET IN THERE?

Also see: CodePink: A CIA Front of Controlled Opposition

Code Pink Makes Me See Red

Sorry, ladies.

I know the TRUTH HURTS!!!

A few minutes earlier, Representative Joe L. Barton of Texas, the top Republican on the committee, touched off an uproar by referring to the president’s securing of the $20 billion damage fund as a “shakedown.’’

If so, it was a LOVING HUG!!!!

“I’m ashamed of what happened in the White House,’’ Barton said. “It is a tragedy of the first proportion.’’ He then apologized to Hayward.

I am ASHAMED of THIS GOVERNMENT and THIS CONGRESS!!!!

That sparked a rebuke from Representative Edward Markey.

“This is not a shakedown of the company. This is the American government, President Obama, ensuring that this company is made accountable and sending a signal to all other companies that seek to treat ordinary American families in a way that can destroy their entire family’s history,’’ the Malden Democrat said.

Later in the day, facing heat from Democrats and leaders of his own party, Barton retracted most of his comments....

Yup, that was the BIG STORY of the DAY from what little I saw on the cable news.

So much for free speech in AmeriKa if you challenge political orthodoxy.
--more--"

And NOTHING regarding the CLEAN UP in my BOSTON GLOBE TODAY!!!!

Yeah, if you DON'T REPORT ON IT maybe it will just GO AWAY and DISAPPEAR, huh, Glob -- like the ANIMAL LIFE in the Gulf!
Posted by Rocker at 8:09 AM
Labels: Business, Environment, Gulf Gusher, Obama, Politics, U.S.
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