Category Archives: BP

BP to resume drilling in Gulf of Mexico

By doris | Published: October 26, 2011

Full Story at money.cnn.com NEW YORK (CNNMoney) — 554 days after the Deepwater Horizon explosion, BP is back in action in the Gulf of Mexico. The company announced Wednesday that it had earned its first permit to drill for oil in the Gulf since last year’s oil spill disaster, and says that a resumption of [...]

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Why refining more gas won’t bring prices down

By doris | Published: May 3, 2011

Full Story at money.cnn.com FORTUNE — At first glance, it seems like a great time to buy a refinery. The price of gas is hovering around $4 and will likely stay high heading into the summer months. (Even news of Osama bin Laden’s death hasn’t moved prices much.) But a closer look shows refiners are [...]

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BP to sell stake in Pan American Energy for $7.06B

By doris | Published: November 29, 2010

Full Story at msnbc.com LONDON — BP PLC is selling its 60 percent stake in Argentina-based oil and gas producer Pan American Energy for $7.06 billion as part of its strategy to sell of tens of billions of assets to help pay for the massive oil spill in the Gulf of Mexico. The British oil [...]

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BP fund czar promises bigger, faster claims

By doris | Published: September 26, 2010

Full Story at news.Yahoo.com NEW ORLEANS – Victims of the Gulf of Mexico oil spill should start getting bigger payments faster, the administrator of the fund set up to help them said Saturday. Kenneth Feinberg said he was responding to criticism from residents and businesses. “Over the past few weeks, I have heard from the [...]

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Test will tell if BP oil well can be declared dead

By doris | Published: September 19, 2010

Full Story at news.Yahoo.com NEW ORLEANS – Depending on the results of an overnight pressure test, government officials were expected to announce Sunday that the blown-out BP well in the Gulf of Mexico was dead, five months after an explosion killed 11 workers, sank a drilling rig and led to the worst offshore oil spill [...]

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BP claims could be under $20 billion

By doris | Published: September 15, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — Total claims against BP could end up being less than the $20 billion the company pledged to set aside, according to incoming Chief Executive Robert Dudley. A Citigroup (C, Fortune 500) report said that analysts met with Dudley, who told them “that given current estimates of claims [...]

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BP deposits $3 billion into claims fund

By doris | Published: August 10, 2010

Full Story at money.cnn.com WASHINGTON (CNN) — The Justice Department announced Monday that the details have been completed for establishing a $20 billion escrow account that BP has promised to fund. The money will pay for claims to those who suffered from the effects of the Gulf Coast oil spill. After BP (BP) announced it [...]

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BP offers cheaper gas

By doris | Published: August 8, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — In an effort to help struggling gas stations and appease furious consumers following the Gulf disaster, BP is lowering its gasoline prices. BP is offering a series of incentives to its distributors that could shave two cents off the price of gasoline at the pump. Contrary to [...]

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Workers on doomed rig voiced safety concerns

By doris | Published: July 22, 2010

Full Story at msnbc.com WASHINGTON — A confidential survey of workers on the Deepwater Horizon in the weeks before the oil rig exploded showed that many of them were concerned about safety practices and feared reprisals if they reported mistakes or other problems. In the survey, commissioned by the rig’s owner, Transocean, workers said that [...]

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BP reportedly in talks to sell Alaska oil field

By doris | Published: July 11, 2010

Full Story at msnbc.com LONDON — BP is in talks to sell up to $12 billion of assets, including its big stake in Alaska’s Prudhoe Bay, the largest oil field in North America, The Sunday Times of London reported. A sale would be the latest of several steps the beleaguered oil giant is taking to [...]

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Drilling ban: The jobs at stake

By doris | Published: June 25, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — There are as many as 10,000 people that work on deepwater oil rigs in the Gulf of Mexico. These are jobs that could soon begin to disappear because of the temporary ban on such drilling. But not only those jobs are at stake. From helicopter pilots to [...]

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For some, Gulf spill is a good thing

By doris | Published: June 21, 2010

Full Story at msnbc.com Michigan’s depressed economy nearly toppled Grand Rapids-based awning maker Prestige Products. Then in April, the company’s fortunes changed dramatically when executive Brian Rickel got a phone call from an old contact at BP. It was 10 days after BP’s Deepwater Horizon rig had exploded, and BP needed help containing the gush [...]

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Stocks end day lower after early rally collapses

By doris | Published: June 10, 2010

Full Story at msnbc.com NEW YORK – The stock market had another late-day slide, this time because of fears that the Gulf oil spill will threaten BP’s dividend and perhaps land the company in bankruptcy court. The Dow Jones industrials, up about 125 points late Wednesday morning, closed down 41. Most selling came in the [...]

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BP paying out $2.63B in dividends

By doris | Published: June 9, 2010

Full Story at msnbc.com NEW YORK – BP PLC will pay shareholders $2.63 billion in dividends on June 21 as investors and U.S. lawmakers wait to see what the oil company decides about future payouts. The company announced the dividend on April 27, one week after a BP well in the Gulf of Mexico exploded [...]

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