Ex-div should be about Nov 12. Expect dividend announcement about Oct 25 with dividend being substantially higher than last quarter..
Sentiment: Strong Buy
To mystockisfalling. You certainly got that right, especially about Ives. Steve should will him enough stock to take control.
Innovators are hard to find. He should start his own company. I would buy in in a second.
Larger dividends coming , nice tax writeoff, and small float.
Also I was looking at my 1993 AR for SBR, reserves on
1/1/1994 were 5.734MMbl and 35.877 Mcf, on
1/1/2010 we had 5.574MMbl and 36.89 Mcf.
That says a lot about new drilling on the properties.
APC made a serious mistake reneging on their contract with BP. No other oil company or driller will now deal with them unless they pay cash up front.
Sonner or later BP will sue. I think they will collect since they have a tight contract and blowouts, dry holes etc are part of the game.
The US government also can get involved by suing, canceling leases ,assessing fines etc you name it.
Its too bad since APC had some nice assets.
Its looking more and more like BP assets will be used to pay for settlements, fines, and damages. Minimum fines for environmental damage are about $1000 per barrel per day X 10-20000 barrels per day times say 100 days or $2 billion. Max fine is at least 5 times that and could be more depending on the wrath of congress. Value of lawsuits could easily top this maximum number.
The govenrment has already prohibited drilling on Gulf leases which amounts to an expropiation since these become worthless until the rules are rewritten and the mess resolved. This is going to take years not six months. I think I saw that BP had about 40% or more of these deepwater leases. The government could just as easily expropiate ALL BP assets in the US including filling stations, refineries, oil fields etc.
Personally I think that all BP assets in the US will essentially be expropiated by the US to pay for everything. Overseas assets are a big question mark however.
It would be nice if BP could get a clean sale of their Prudhoe based assets, but it might not work out that way.
Supposethe government steps in and expropiates these in lieu of fines and damages. Once they got control, what exactly are they going to do with them and how long would it take to resolve all issues?? What happens tothe dividend meantime?
This weeks OGJ mentions that Michael D. Olson, a former deputy US Interior secretary for lands and minerals, now an attorney with a Washington firm says that the accident will affect federal OCS oil and gas policies. "...the bottom line is that the analyses the administration and president announced will take 2 years and no drilling was going to take place before 2014..."