E2 Round-up: Messy oversight increased drilling risks, BP share prices rise, and the company presses ahead with expensive ads despite attacks

BP’s share price up on Monday amid progress in capturing oil

BP’s market value (not to mention reputation) has plummeted since the spill began. But Reuters reports that its share prices rose Monday as the company reports success in capturing significant amounts of oil from its blown-out Gulf of Mexico well.

“BP said on Sunday its lower marine riser package (LMRP) containment cap had captured 10,500 barrels on June 5 — compared with an estimated daily flow of 12,000 to 19,000 barrels,” the news service reports.

“BP shares opened up 3 percent before falling back to trade up 2.24 percent at 1029 GMT against a 0.06 percent drop in the STOXX Europe 600 Oil and Gas index. ‘At last we have seen some positive news from BP,’ Peter Hitchens, oil analyst at Panmure Gordon said.”

BP presses ahead with ads despite criticism

BP’s expensive advertising campaign — which apologizes for the Gulf spill and vows an unwavering cleanup effort — has drawn wide criticism, including a rebuke from President Barack Obama.

But the Wall Street Journal reports that the oil giant isn’t backing off.

“Undeterred by criticism of a new TV commercial featuring its leader, BP PLC is pressing ahead with a major ad campaign—in an effort to rescue its badly damaged image—as torrents of oil continue to spew into the Gulf of Mexico,” the Journal reports.

“We are preparing a series of ads to air over the next days and weeks,” said BP spokesman Andrew Gowers in the Journal account.