listen, no one is disputing BP's sterling financial resources or ability to make money. They are, along with Exxon, and Royal Dutch the tier 1 oil company.
The issue at hand is when will they cap this spill. That is the only issue. If this goes on for another couple months, it will be more than an inconvience, it will wreck the company. Should they be able to cap this spill in the coming weeks, they'll eventually get over it with a $10B hit or so, but right now, this could be crippling.
Why anyone would walk in and buy shares when this hasn't been contained is a damned fool.
If and when they cap this sucker in the coming days, or by the end of this month, I am a buyer with both hands, but until then, I am on the sidelines.
For anyone to say this is a buy at this point in time, is not being cautious.
good luck either way, as I have no position (but will initiate one at the first sign they've capped this)