Is BP plc (BP) going to find itself in trouble when the deep sea well parts, reportedly being brought to the surface as I write this, are properly inspected?
Or will the faulty well-safety equipment actually help change the company's verdict in the court of public opinion? Only time will tell, I suppose, but I remain overall very bullish on BP and the other multinational oil majors (Exxon Mobil is my favorite pick right now; a great addition to any diversified long-term growth portfolio).
UPDATE: As reported by Bloomberg Businessweek today, "BP Plc bought to the surface the well-safety system that failed to prevent the largest U.S. offshore oil spill and a fire that killed 11 workers, for examination by federal officials.
The blowout preventer of the well that was being drilled by Transocean Ltd.’s Deepwater Horizon rig for BP was secured at 10:20 p.m. local time yesterday aboard another drilling rig, BP said today in a statement on its website. The 50-foot (15-meter) valve stack will be stored by the federal government in New Orleans while attorneys haggle over procedures to determine why it failed, a U.S. District Judge ordered Sept. 3."
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