BP stock slips 5% on concerns about leak

By Hibah Yousuf, staff reporter


NEW YORK (CNNMoney.com) -- BP's stock price slipped 5% on Monday after a U.S. government official sparked concerns about oil seeping out of the capped well into the Gulf of Mexico.

U.S. listed shares of BP (BP) fell $1.95 to $35.15 on the New York Stock Exchange.

bp.png

The leak was detected Sunday as the energy company conducted a "well integrity test" following last week's installation of a new custom-made cap. BP (BP) closed the valves on the cap Thursday and shares jumped more than 7%.

At that point, BP said oil was no longer gushing.

Thad Allen, the federal government's oil spill response director, said Monday that the test will continue another day after a federal science team and BP representatives discussed the seep and other issues during a conference call Sunday night.

"During the conversation, the federal science team got the answers they were seeking and the commitment from BP to meet their monitoring and notification obligations," Allen said in a statement.

Pressure testing results in the well have been lower than expected, he said, which means oil could be seeping out from below.

But BP said Monday that pressure "continues to rise slowly."

Meanwhile, the British oil giant said Monday it has already spent $3.95 billion in containment, relief-well drilling, grants, claims and federal costs for the spill.  To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play

Search for Jobs

Index Last Change % Change
Dow 17,826.30 -279.47 -1.54%
Nasdaq 4,931.82 -75.98 -1.52%
S&P 500 2,081.18 -23.81 -1.13%
Treasuries 1.85 -0.03 -1.49%
Data as of 11:50am ET
Company Price Change % Change
Bank of America Corp... 15.56 -0.23 -1.46%
General Electric Co 27.25 -0.03 -0.11%
Apple Inc 124.75 -1.42 -1.13%
Comcast Corp 58.42 -1.25 -2.09%
Microsoft Corp 41.62 -0.54 -1.29%
Data as of Apr 17
Sponsors

Sections

Comcast and Time Warner Cable representatives will sit down with Justice Department officials this week amid intense scrutiny of the proposed cable company merger. More

The U.K. election on May 7 is arguably the most influential in a generation. Nina dos Santos explains why the outcome of this vote could disrupt economies around the world. More

The Smokio e-cigarette pairs with an app on your phone to keep track of how much you smoke, and how much money you've saved by not buying tobacco cigarettes. More

The home of some of the most iconic toys has teamed up with a crowdsourcing platform for inventors to find the next great toys. More