BP shares fall as seep detected in well
The company says it has spent nearly $4 billion on the oil spill.
Updated at 5:24 p.m. ET
Shares of BP (BP) fell 3.6% to $35.75 today as worries grew about seepage from the company's capped Gulf of Mexico oil well.
Retired Coast Guard Admiral Thad Allen wrote a letter late Sunday to chief managing director Bob Dudley, saying that a "seep" was detected in the Macondo well, along with "undetermined anomalies at the well head."
This morning, Allen, the national incident commander, said in a statement that BP agreed to monitor the leak, which allowed the company to keep the well closed for an additional 24 hours. Allen also said there is evidence of methane, or natural gas, over the well.
"I authorized BP to continue the integrity test for another 24 hours, and I restated our firm position that this test will only continue if they continue to meet their obligations to rigorously monitor for any signs that this test could worsen the overall situation," Allen said in a statement. "Full analysis of both the seepage and methane will continue in coordination with the science team."
Allen asked BP for written instructions about reopening the well should the seepage problem worsen.
"I direct you to provide me a written procedure for opening the choke valve as quickly as possible without damaging the well should hydrocarbon seepage near the well head be confirmed," Allen wrote late Sunday.
Allen said that the drilling of a relief well, which is expected in the first part of August, should continue to be the main option to stop the gushing well. A relief well would permanently kill the spill by flooding it with cement.
BP said that if a seep is confirmed, the cap will be lifted and oil will be able to flow to the surface.
The company capped the leaking well Thursday, the first time oil was not spewing from the well since April 20, when a blast on the Deepwater Horizon rig killed 11 workers and caused the rig to sink and dump hundreds of thousands of gallons of oil into the Gulf.
The oil giant said it continued to run an integrity test on the well.
BP this morning said that it has spent $3.95 billion so far related to the leaking well and that it aims to permanently kill the well leak in the first half of August.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The stock market capped the trading week with losses across the major averages. The S&P 500 fell 0.5% to surrender its weekly gain, while the Dow Jones Industrial Average (-0.7%) and Russell 2000 (-0.9%) underperformed. The two indices posted respective losses of 0.8% and 0.6% for the week.
Equity indices were pressured from the get-go after several heavyweights disappointed the market with their earnings and/or guidance, which led to some broader profit-taking. After ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
VIDEO ON MSN MONEY
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'