I wouldnt buy shares in BP - talk is going around that they might not survive - costs will run so high that it adds so much risk that it makes it not worthwhile - my view is that value investors try to look for low risk (guarenteed as far as possible) investments - this one has so many risks its unbelievable - maybe its cheap - that isnt the only factor that value investors look at. I dont even know if BP will have a future in USA - currently i think it was 40% of their business - they will find it increasingly hard to get approval for any drilling, and Obama is totally furious with them. I dont think i would invest in them, maybe better deal would be to look for a good entry into something like Exxon Mobil, etc. as they might be able to take business away from BP in the US in the future... Value investing isnt about buying cheap shares after they crash for a reason, one must find excellent companies that are trading at a discount for no reason to be concerned about. this is when the true value is exploited!