B.P shares---to sell or not to sell?

[Dinger2]

In view of the catastrophicU.S Gulf rig explosion and consequent 'worst-ever',oil spill and the U.S Govt forcing B.P to pay whatever it takes to clean up (I heard up to B£3).Should I consider selling B.P shares asap or hold on as I read they're launching 30/40 new projects next year worldwide advice please?

[dr b]

BP has lost $29 billion in market cap since the spill, far in excess of any reasonable estimates of what they'll pay to clean things up. Something to keep in mind as you assess whether the market's overreacted.

[Buenchico]

£3bn is less than one quarter's profits. (The latest quarterly profit for BP was £3.6bn). The cost of the recovery programme will only be a 'blip' in BP's financial fortunes. Any decision about buying or selling shares should be based upon long term projections, ignoring the short term cost of the clean-up.

Chris

[james412]

Don't panic. I'm not selling and some claim the fall in the SP is overdone. They say it's actually a buying opportunity.

http://sharecrazy.com/beta/daily/3581/bp
http://www.dailymail....-US-oil-disaster.html