Oil is in a nice, slow, steady bull market. The international oil companies, not so much. A report on easybourse.com indicates that the internal BP insurance company has laid off some of the risk to larger re-insurers of the likes of Lloyd's, etc. I'm not sure if these are capped or uncapped. As to your position, maybe use a trailing stop to cover, lowering the stop as BP goes down or time goes buy. I own BP but I am looking to buy other integrated oils and drillers but not buy BP. Identifying why the blowout protector did not work is key in understanding who will pay.