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BP Says Oil Has Stopped Leaking Into Gulf, Conference Call in Progress

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BP (BP) said oil has stopped flowing into the Gulf of Mexico for the first time in nearly three months, according to news reports. Minyanville joins the audio press conference in progress.

Kent Wells, SVP, BP Plc: Good afternoon, ladies and gentlemen, my name is Kent Wells, Senior Vice President for BP. Finally, after three very difficult months, I can report some good news this afternoon. I can confirm that oil has, in fact, stopped leaking into the Gulf of Mexico from the damaged deepwater well. I am now prepared to answer a few questions.

Reporter 1: Hi, Eric Walton here, when did you confirm that the oil flow stopped?

Kent Wells, BP: The report from engineers was that oil was confirmed to stop flowing into the gulf at 2:25 local time. At that point engineers closed off the choke line and shut everything down.

Reporter 2: This is Amy Branson, could you give us some idea what the testing pressure of the seal is? How is the containment cap holding pressure-wise?

Kent Wells: Right. Well, that's... The pressure... I could... Let me... Yes, the pressure. Funny thing about that. Haha. Ahem.

Reporter 1: So there have -- sorry this is Eric again -- so BP has not performed a containment cap integrity test at this point?

Kent Wells: Oh, no, the integrity of the cap is perfect. Flawless. Works great.

Reporter 2: This is Amy again. When do you think you'll have some data for us on the pressure?

Kent Wells: Yes, that's the... Like I was going to say, the, ah, the pressure, it's... odd. Just a... well, it's a touch odd that... you see, there is none.

Reporter 1: There is none.

Kent Wells: Right.

Reporter 2: You mean you don't know the pressure. Because --

Kent Wells: No, no, we know. I mean that there isn't any.

Reporter 1: I don't understand.

Kent Wells: We're out.

Reporter 2: Out? 

Kent Wells: Yes. Finished, kaput, finito, empty, done. We've just totally run out of oil.

Reporter 1: Totally?

Kent Wells: Totally. It's all gone. It all leaked out. Sorry.
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