BP Approves Plan to Develop Mad Dog Phase 2 in Gulf of Mexico

BP (NYSE:BP) is getting back on track in the Gulf of Mexico. The British oil group announced it has approved plans to develop a “major new gas field” in the area, site of its devastating 2010 rig explosion and oil spill, Reuters reported.

On Tuesday, CEO Bob Dudley said that BP and its partners Chevron Corp (NYSE:CVX) and BHP Billiton (NYSE:BHP) had agreed to begin building phase two of their Mad Dog development, said Reuters. Phase two will entail setting up a new “spar” platform on the southern part of the field, which will have the ability to yield 120,000-140,000 barrels of oil equivalent per day.

“We have just sanctioned with our partners Chevron and BHP … one of the largest new free-standing developments in the Gulf of Mexico,” Dudley said at a press conference, according to the report. BP’s stake in Mad Dog is 60.5 percent, while BHP Billiton’s working interest is 23.9 percent and Chevron’s is 15.6 percent.

Here’s how these stocks recently traded:

BP plc (NYSE:BP): BP shares recently traded at $46.97,. They have traded in a 52-week range of $33.62 to $49.09. Volume today was 694,083 shares versus a 3-month average volume of 6,700,260 shares. The company’s trailing P/E is 6.50, while trailing earnings are $7.22 per share.

Chevron Corp. (NYSE:CVX): CVX shares recently traded at $106.76,. They have traded in a 52-week range of $86.68 to $110.99. Volume today was 1,300 shares versus a 3-month average volume of 8,442,110 shares. The company’s trailing P/E is 7.94, while trailing earnings are $13.44 per share.

BHP Billiton Ltd. (NYSE:BHP): BHP shares recently traded at $80.73,. They have traded in a 52-week range of $62.54 to $104.59. Volume today was 353,706 shares versus a 3-month average volume of 3,072,620 shares. The company’s trailing P/E is 9.46, while trailing earnings are $8.54 per share.