This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

BP Says Macondo Well Isn't Leaking

NEW YORK ( TheStreet) -- Reports that oil leaks had appeared above BP's (BP - Get Report) sealed Macondo well in the Gulf of Mexico were denied on Friday in a report by the company and the U.S. Coast Guard.

The Press-Register of Mobile, Ala. collected samples on Tuesday of oil from water about a mile from where the Deepwater Horizon oil drilling rig exploded in April 2010, resulting in the largest accidental marine oil spill in the history of the petroleum industry.
Reports claimed that oil leaks appeared near the Deepwater Horizon rig that exploded in April 2010

"BP confirmed through a standard visual wellhead inspection that there is no release of oil from the Macondo well," the company said on Friday. "BP and the U.S. Coast Guard have conducted multiple surveys of the area in recent days and found no evidence of oil sheens in the Macondo vicinity."

BP said its inspection of the wellhead was prompted by press reports of petroleum bubbles near the abandoned site.

The Press-Register sent its oil samples to a pair of chemists at Louisiana State University in Baton Rouge, La., who found that the samples matched the substance that spewed from the Macondo well more than a year ago.

The chemists added that the oil was likely from a broken riser pipe or sunken platform.

BP confirmed that the small, intermittent bubbles observed had emanated from cement ports at the base of the wellheads, which were a residual byproduct of the nitrified foam used to seal the well's surface with cement.

-- Written by Joe Deaux in New York.

>To submit a news tip, send an email to:

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BP $34.62 -0.60%
AAPL $118.40 0.50%
FB $104.25 -1.10%
GOOG $743.96 -0.84%
TSLA $230.35 -0.54%


Chart of I:DJI
DOW 17,719.92 -78.57 -0.44%
S&P 500 2,080.41 -9.70 -0.46%
NASDAQ 5,108.6660 -18.8590 -0.37%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs