BP Shares Rise After Macondo Report

BP Plc BP rose more than 3% on Wednesday, driving the energy sector higher. The company released the 193-page Macondo well report. The report indicated that several companies were responsible for the Gulf of Mexico oil spill, the biggest offshore oil spill in US history. The report cited rig owner and operator Transocean Ltd RIG and oil-services company Halliburton Co HAL as also being responsible. Fitch raised BP’s rating three levels after the company was able to stop the Gulf of Mexico oil spill. The company’s long-term issuer default rating and senior unsecured rating were upped to A from BBB. Fitch also assigned a stable outlook to the rating. Fitch said that the revised rating and outlook reflected the “end to the threat of leaks from the Macondo well” as well as “the improved visibility of potential liability scenarios” and “substantial progress that BP has made to date in building up liquidity to address potential financial payments.” Read more from Benzinga's Company news.