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Originally Posted by roachboy
i haven't been following this aspect of things, but is bp still having short-term paper trouble? when i saw the sell-off i assumed it was happening to bump their liquidity which i connected in my brain to the credit trouble they had gotten into a few weeks ago. i remember without really remembering (in the way one does when one's looking at other things) that these credit problems kinda disappeared from the press, but am not sure.
have you been tracking this?
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Not tracking, but I did read the company's statement on the actual use of debt upon their earnings release.
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Net debt at the end of the quarter was $23.2 billion, compared with $27.1 billion a year ago. The ratio of net debt to net debt plus equity was 21% compared with 22% a year ago. The net debt ratio at the end of the second quarter 2010 was impacted by the reduction in equity arising from the liabilities we have recognized in relation to the Gulf of Mexico oil spill. The group intends to reduce net debt to $10-15 billion within the next 18 months.
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Second quarter 2010 results | Press releases | BP
The use of debt does not appear to be a concern. And each day that uncertainty is removed from their financial future debt will become less of an issue.