BP Clears A New Hurdle With Settlement, But Don't Jump Into The Stock Yet |
| Forbes - Mar 5, 2012 |
Almost two years after the Gulf of Mexico accident that cost the lives of 11 men and billions in damages, BP marches on with its legal pains in order to clear its name and balance sheet. The company announced a $7.8 billion settlement with the Plaintiffs’ Steering Committee “to resolve the substantial majority of legitimate economic loss and medical claims stemming from the Deepwater Horizon accident and oil spill.”
While the settlement is positive, as the rally mounted by the stock on Monday suggests, BP still faces litigation risk, particularly from claims by the Department of Justice that could cost the oil company up to $17 billion according to some estimates. Nomura remains neutral on the stock and expects BP to “demonstrate it has a differentiated and material exploration business” and for the company to “deliver on its restructuring promises” before it deserves to trade at a premium to its peers.
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- Posted: 2012-03-05 13:04:17
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