Once BP's (BP) Well Is Capped "Everything Is On the Table" - Gasparino
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Charles Gasparino of FOX Business Network said Monday that the latest on BP PLC (NYSE: BP) is that "essentially everything is on the table," fueling speculation that the oil giant may be up for sale amid the crisis in the Gulf of Mexico.
The report from Gasparino said that once BP has the damaged oil well capped, the liabilities of the company will be assessed and the company may be sold in whole or broken off into pieces.
“They can get some sort of broad perimeters once this thing gets capped on what the liability is. Once they do that, then everything is on the table. A lot depends on where the stock is trading and a lot depends on how much this is going to cost. They think they got enough money to handle whatever liabilities they are going to face. They think this company is a cash cow that is going to do that. There is interest in this company. Because there is interest, you know people are seeing light at the end of the tunnel with regard to capping the well and putting a number on liability."
It was reported earlier in the day on Monday that BP was in talks with Apache Corp. (NYSE: APA) to sell $12 billion in assets including a stake in the Alaskan Prudhoe Bay oil field. BP has not confirmed these rumors.
Also, Exxon Mobil (NYSE: XOM) has been reportedly considering a bid for BP as industry sources have been cited saying that Exxon has gone to federal regulators about approval for an offer.
Shares of BP have jumped on the speculation, up 8 percent Monday to $37.78 in late market trade.
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The report from Gasparino said that once BP has the damaged oil well capped, the liabilities of the company will be assessed and the company may be sold in whole or broken off into pieces.
“They can get some sort of broad perimeters once this thing gets capped on what the liability is. Once they do that, then everything is on the table. A lot depends on where the stock is trading and a lot depends on how much this is going to cost. They think they got enough money to handle whatever liabilities they are going to face. They think this company is a cash cow that is going to do that. There is interest in this company. Because there is interest, you know people are seeing light at the end of the tunnel with regard to capping the well and putting a number on liability."
It was reported earlier in the day on Monday that BP was in talks with Apache Corp. (NYSE: APA) to sell $12 billion in assets including a stake in the Alaskan Prudhoe Bay oil field. BP has not confirmed these rumors.
Also, Exxon Mobil (NYSE: XOM) has been reportedly considering a bid for BP as industry sources have been cited saying that Exxon has gone to federal regulators about approval for an offer.
Shares of BP have jumped on the speculation, up 8 percent Monday to $37.78 in late market trade.
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http://www.streetinsider.com/premium_content.php
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