to help pay back over 11 billion in debt it is only a matter of time before the equity holders get wiped out. The bond holders will take charge and hopefully get back 50 cents on the dollar from the ensuing fire sale of physical assets.
I am starting to buy this one and it is the only oil stock in my account. BP has about 50 billion of purchasing power. Their timing is by mistake, because of the Gulf oil spill, but they sold assets at just the right time. They purchased assets from Devon at like .35 cents on the dollar, greatly enhancing their positioning in the gulf a few weeks ago and will continue this activity in their four other areas of major interest.