Traders are keenly watching BP plc (ADR) (NYSE:BP) after one of the company’s wells in Alaska leaked uncontrollably over the weekend. Although any leakage isn’t good news, it doesn’t seem that BP’s well trouble is a replay of Deepwater Horizon, as the well is a) on land, and b) hasn’t caused any injuries. Furthermore, BP has successfully stopped the oil leakage, although natural gas continues to spew out. BP has been unable to fully close the well in part due to the difficult environmental conditions in the area.
BP plc (ADR) (NYSE:BP) spokesman Brett Clanton said: “Crews are on the scene and are developing plans to bring the well under control, and safety will remain our top priority as we move through this process”.
BP shares are down modestly in the pre-market, off 0.83% on the news.
What Does The Smart Money Sentiment Say?
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According to our data, 26 top funds were long BP plc (ADR) (NYSE:BP) at the end of the fourth quarter, down 4 funds from the previous quarter. Those numbers are out of the 742 elite funds we track in total.
The Bottom Line
BP plc (ADR) (NYSE:BP) is in the spotlight due to the news of a well leak in Alaska. For more reading, check out ‘11 countries with highest natural gas reserves‘.