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A BP logo is seen at a petrol station in London May 15, 2013.
A BP logo is seen at a petrol station in London May 15, 2013.
(Stefan Wermuth/Reuters)

FINANCIAL TIMES

After deal for Russian subsidiary, BP hard to value

Lex is a premium daily commentary service from the Financial Times. It helps readers make better investment decisions by highlighting key emerging risks and opportunities.

Missing you already, TNK-BP! That is one explanation for the frosty welcome on Tuesday for BP PLC’s second-quarter results. The oil company’s shares fell 5 per cent after it appeared to miss forecasts. But the picture is not so bleak. The main problem is that it remains unclear just what BP is getting from its new position in Russia. This all-new post-TNK, post-Macondo BP will take a bit of getting used to.