BP plc (ADR) (NYSE:BP) is trending today after the company disclosed that it has brought under control a well that had been spewing natural gas into Alaska’s North Slope. BP had previously successfully stopped the oil leakage from the well but the natural gas leakage was harder to control due to the difficult conditions surrounding the area. Alaska Department of Enviromental Conservation spokeswoman Candice Bressler said, ‘The leak has been completely stopped, both the crude leak and the natural gas leak, which is great news for the North Slope’.
As it stands, BP shareholders are happy that the well hasn’t caused any injuries and is now controlled. Despite the good news, shares of BP are down around 1.2% in pre-market trading likely due to the lower WTI/Brent prices and softening sentiment. Some future catalysts to look for would be peer earnings reports, today’s API report, and tomorrow’s EIA report.
What Does The Smart Money Sentiment Say?
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Of the 742 elite funds we track, 26 funds owned $1.2 billion of BP plc (ADR) (NYSE:BP) and accounted for 1.00% of the float on December 31, versus 30 funds and $1.06 billion respectively on September 30.
The Bottom Line
BP plc (ADR) (NYSE:BP) has successfully plugged the gas leak from a well in Alaska. For more reading, check out ‘11 Biggest Natural Gas Companies In the World‘.