BP Stock Stumbles After Warning Russia Sanctions May Impact Business

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BP Stock Stumbles After Warning Russia Sanctions May Impact Business

by TheStreet.com Videos 1:06 mins

BP Stock Stumbles After Warning Russia Sanctions May Impact Business

by TheStreet.com Videos 1:06 mins

Shares of BP dropped on Tuesday making it TheStreet's Move of the Day. The oil giant reported fiscal second-quarter earnings that exceeded Wall Street's expectations, but guidance worried investors as BP warned in its earnings statement that Western economic sanctions against Russian-owned Rosneft could impact their bottom line. CEO Robert Dudley chose to sidestep further questioning during the conference call, instead saying that BP takes a "very long term view" on projects in Russia and other parts of the world. Dudley said: "[W]e make our investment decisions on a long view of the country's future and not on the state of the politics and relationships between a country and other nations at a particular moment."

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