BP plc profits took a nosedive in the second quarter, in part because of $4.8 billion in one-time costs, which included a write-down on U.S. shale resources, a decision not to proceed with a flagship drilling project offshore Alaska, and the continuing impact of the Macondo well blowout.
Articles from Nosedive
Shares of Kodiak Oil & Gas Corp. took a nosedive on Tuesday, allegedly over concerns that the Denver-based independent energy company may be facing liquidity concerns.
Friday’s nosedive in petroleum-based energy futures (along with a modest retreat in the natural gas contract) failed to exercise its usual belated “following the screen” appeal in Monday’s cash market. Instead, physical prices extended their weekend gains Monday, boosted by fresh incursions of winter weather in the northern market areas and in the late going by renewed surges in Nymex’s energy products.
An expiration-day nosedive by the February futures contract,chilly but unremarkable weather for this time of year (despitesnowfall and icing in some northern market areas), and the prospectof more small storage withdrawal reports in coming weeks kept bearsin command of the cash market Monday.