BP Gains as Drilling Nears Completion, Share Sale Ruled Out

BP Plc rose for a second day after drilling for the relief well that will kill off the Gulf of Mexico oil spill advanced ahead of schedule and the company said it has no plans to sell new shares to raise cash.

BP rose as much as 4.9 percent in London and traded at 339.35 pence as of 1:02 p.m. While that’s 12 percent higher than the stock’s low on June 25, the stock is still down 48 percent since the April 20 blowout on the Deepwater Horizon rig that killed 11 workers and started the leak on the ocean floor.

Sovereign wealth funds in the Middle East are reportedly interested in buying BP stock as the company sells assets across the globe. Spokeswoman Sheila Williams said the company won’t issue shares, and yesterday the company said it may intercept the damaged Macondo well ahead of schedule to end the worst oil spill in U.S. history.

Read Full Article from BusinessWeek

- Posted: 2010-07-06 08:31:00

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