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BP In Deep Water

|Includes:BP p.l.c. (BP), COP, CVX, XOM

When this oil spill started I thought it would create a great buying opportunity in BP.  The longer this goes on with very little light at the end of the tunnel I am staying away from BP.  Yes they have serious cash flow and a strong balance sheet but, yikes.  The lawsuits and the cleanup costs that could be huge and becuase we do not yet know when it will come to an end stay out.  If you are looking for exposure to the oil companies I recommend Chevron CVX, and ConocoPhillips COP.  Both look attrative after the recent pullback.

Disclosure: None
Stocks: BP, COP, CVX, XOM