BP Stock Stumbles After Warning Russia Sanctions May Impact Business

TheStreetJuly 29, 2014

Shares of BP dropped on Tuesday making it TheStreet's Move of the Day. The oil giant reported fiscal second-quarter earnings that exceeded Wall Street's expectations, but guidance worried investors as BP warned in its earnings statement that Western economic sanctions against Russian-owned Rosneft could impact their bottom line. CEO Robert Dudley chose to sidestep further questioning during the conference call, instead saying that BP takes a "very long term view" on projects in Russia and other parts of the world. Dudley said: "[W]e make our investment decisions on a long view of the country's future and not on the state of the politics and relationships between a country and other nations at a particular moment."