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BP 444 articles

BP Settles Deepwater Horizon class-action with Investors for $175 million

BP will pay its investors $175 million to resolve a class-action complaint accusing the oil giant of misleading shareholders over the extent of its Deepwater Horizon oil spill in the Gulf of Mexico. Investors who bought BP’s U.S.-listed shares filed the lawsuit in federal court in Houston, seeking compensation for a steep drop in company stock value. The plaintiffs alleged that BP downplayed the severity of the oil spill when it erupted in 2010 off the Louisiana coast. BP publicly stated that its blown-out Macondo well was releasing 1,000 to 5,000 barrels (42,000 – 210,000) per day, and stood by ... Read More

Shell Undersea Pipeline Spills 90,000 Gallons of crude oil In Gulf of Mexico

A Shell oil company pipeline spilled about 90,000 gallons of crude oil into the Gulf of Mexico Thursday, May 12, prompting a cleanup response centered on an area of the Gulf about 165 miles southwest of New Orleans and 97 miles south of Port Fourchon. Shell reported that it identified a subsea wellhead flow line near its Brutus tension-leg platform as the source of the leak. The company said the damaged part of the pipeline has been isolated and production at the Brutus platform suspended. Nearby wells connected to the Brutus platform have also been shut down for now, Shell ... Read More

Judge Halts BP Oil-Spill Money From Funding Alabama Hotel

Alabama cannot use nearly $60 million in coastal restoration funds the state is receiving from BP in the wake of the 1010 Deepwater Horizon spill to build a beachfront hotel and conference center, a federal judge in Montgomery ruled Tuesday. U.S. District Judge Charles Butler said that the trustees in charge of the planning and development of the 350-room Gulf State Park hotel and convention center failed to comply with legal requirements to first assess other uses for the money, particularly projects aimed at restoring and preserving sensitive coastal areas. Much of the state’s Gulf marine environments were harmed when ... Read More

Massive SoCal Natural Gas Leak Expected To Last For Months

It’s like BP’s catastrophic Gulf oil spill, only it’s in the sky above Southern California. Southern California Gas Company’s Aliso Canyon natural gas leak near Porter Ranch, Calif., has been spewing 50 metric tons of gas every hour into the sky above the Los Angeles area since October. And, like BP’s runaway Deepwater Horizon spill in the Gulf of Mexico, engineers have no idea how they can stop this leak, which environmental authorities estimate accounts for a quarter of all of California’s greenhouse gas emissions. On the ground, residents in and around Porter Ranch are reporting being sickened by noxious ... Read More

Whistleblowers Can Help Their Companies Avoid Catastrophe

Thanks to stronger protections and incentives,” life is getting better” for corporate whistleblowers who call out corruption, fraud, and other wrongdoing, The Economist reports. Still, many big companies prefer to punish whistleblower rather than praise them, failing to see how whistleblowers can sometimes avoid costly errors and even save the company from itself. Recent examples proving this point, as The Economist reported this week, are the troubles bearing down on German automaker Volkswagen and Japanese airbag manufacturer Takata. Both companies have become have become bogged under allegations of massive fraud that threaten the companies’ image and financial health. Had either ... Read More

VW Emissions cheat Scandal May Cost More Than BP Oil Spill

Volkswagen officials said the company has set aside 6.5 billion euros ($7.3 billion) to fix the damage from its emissions cheat scandal, but that amount may be less than 10 percent of what the fallout will actually cost, according to an analysis by multinational financial services giant Credit Suisse. In the worst-case scenario, Zurich-based Credit Suisse sees VW paying 78 billion euros ($87 billion) to deal with the disaster. That’s about 60 percent more than the 2010 Deepwater Horizon oil spill cost BP. Credit Suisse analysts predict that a lot of expenses will ride on how well the affected diesel-powered vehicles ... Read More

BP oil spill settlement the largest of its kind in U.S. history

BP reached a record $18.73-billion agreement with the U.S. government and five Gulf states Thursday to resolve most legal claims stemming from its 2010 Deepwater Horizon oil spill in the Gulf of Mexico, considered the biggest environmental catastrophe in the U.S. The settlement is the largest environmental settlement in U.S. history. If approved by the court, the settlement will require BP to pay the federal government $5.5 billion in civil penalties for violating the Clean Water Act. NP subsidiary BPXP will make those payments over a 15-year period. The U.S. Department of Justice (DOJ) said that 80 percent of the Clean ... Read More

Gulf still struggling to rebound five years after BP oil spill

Five years ago today, BP’s Deepwater Horizon oil platform exploded about 55 miles off the Louisiana Coast, killing 11 workers and unleashing a giant spill of crude that quickly became the worst environmental catastrophe ever to occur in the United States. Anyone looking exclusively to BP for a status on the Gulf’s recovery would think that while the 206 million gallons of oil caused some harm to the Gulf environment in the first couple months it blasted from the blown-out well, the Gulf has mostly returned to normal. “In the five years since the Deepwater Horizon oil spill, scientific data ... Read More

BP claims U.S. oil spill fines can bankrupt subsidiary

BP faces paying several billions of dollars in oil spill fines for violating the U.S. Clean Water Act with its massive Deepwater Horizon oil spill, but the oil giant claims that any fines amounting to more than $2.3 billion would bankrupt its exploration and production operations. In court papers filed March 27, BP argues that subsidiary BP Exploration & Production Inc. (BPXP) should not be forced to pay more than it claims it can afford for its negligence in the massive 2010 oil spill, which released an estimated 4.2 million barrels of oil into the Gulf of Mexico. Under the ... Read More

Alabama will have jury trial in BP oil spill case

A federal judge dealt BP another blow Monday by rejecting the oil giant’s bid to have the State of Alabama’s request for a jury trial thrown out. Alabama is seeking compensation for damages caused by BP’s April 2010 Deepwater Horizon oil spill, which heavily damaged the state’s coastal environment and led to hefty economic losses. Judge Carl Barbier, who has been overseeing the complex BP oil spill litigation in New Orleans, granted Alabama a jury trial that is expected to start in 12 or 13 months’ time. Alabama was the first state to sue BP for damages resulting from the ... Read More