BP (BP +1.3%) surrenders its spot as the Gulf of Mexico's top crude oil producer to Shell...


BP (BP +1.3%) surrenders its spot as the Gulf of Mexico's top crude oil producer to Shell (RDS.A); BP produced ~185,000 bbl/day in the Gulf's deep waters in 2012, down nearly a third Y/Y, while Shell produced ~191K bbl/day, a 4% drop. Among BP's $38B in asset sales since 2010 were Gulf fields valued at $5.6B, but it plans to bounce back with $4B/year in Gulf investments over the next decade.

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Comments (4)
  • Uncle Pie
    , contributor
    Comments (4322) | Send Message
     
    Is it not ironic that the top oil producers in the Gulf of Mexico are European companies?
    5 Feb 2013, 04:52 PM Reply Like
  • conway62
    , contributor
    Comments (5) | Send Message
     
    I am a long time shareholder and have profited trading BP as well. They should have played the spill the same way Exxon played the Valdez incident. I expect my shares to breach 65 in the next 4 years and dividends to return to the 6% range.
    5 Feb 2013, 05:03 PM Reply Like
  • tokyostory88
    , contributor
    Comments (32) | Send Message
     
    But BP does not have US politicians in its pocket being a foreign company so it cannot play it like a US domestic player.
    5 Feb 2013, 06:31 PM Reply Like
  • glf4mny
    , contributor
    Comments (464) | Send Message
     
    BP is planning to sell all of its U.S. holdings/businesses to Shell.
    5 Feb 2013, 07:58 PM Reply Like
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