All Entries Tagged With: "$BP"
Sinopec Buys into Australian Energy Venture
China Petrochemical Corp., more commonly known as Sinopec (NYSE: SNP) has purchased a 15% stake in a joint venture between ConocoPhillips Corp. (NYSE: COP) and Australia’s Origin Energy Ltd. The Australia Pacific LNG project is expected to ship its first cargo of liquefied natural gas (LNG) in 2015. The price has not been disclosed, but [...]
BP Shakeup Aimed at Regaining Trust
It seemed it was only a matter of time until BP plc (NYSE:BP) replaced Andy Inglis, the head of its Upstream business. Inglis was the man ultimately responsible for the company’s Gulf of Mexico operations when the Macondo well exploded and killed 11 workers and destroyed the Deepwater Horizon drilling platform. The company’s new CEO, [...]
BP Compensation Payments Soar
On September 3rd, BP plc (NYSE:BP) reported that compensation claims paid to Gulf Coast residents and businesses totaled $38.5 million. The company also noted that it had paid 127,000 of 154,000 claims filed before it turned the fund over to the federal Gulf Coast Claims Facility. In the two weeks since then, BP now reports [...]
California, Oil Refiners Slug It Out Over CO2 Emissions
In 2006, the California legislature passed and the governor signed a tough new law, known as AB 32, that called for the reduction of the state’s CO2 emissions to 1990 levels by 2020. The impact of that law is particularly harsh on some industries, and one of those is fighting back with a ballot initiative [...]
BP Report Shares Blame on Blown-out Well
BP plc (NYSE:BP) has released a report on the causes of the explosion and fire at its Macondo well that killed 11 people and injured another 17. The full 192-page report is available here, and an executive summary is available here. Outgoing CEO Tony Hayward also released a statement, which is available here. The report [...]
BP Costs Hit $8 Billion for Gulf Disaster
The cost to BP plc (NYSE:BP) of the blown-out Gulf of Mexico oil well has now reached $8 billion. That’s an all-in cost that includes the company’s spill response actions, containment measures, relief-well drilling, well-kill operations, grants to Gulf Coast states, paid compensation claims, and payments to the federal government. BP paid nearly $400 million [...]
Financial Reform Law Requires New Disclosures from Energy, Mineral Companies
The recently passed financial reform legislation, known as the Dodd-Frank bill, includes a requirement that oil, gas, and mineral extraction companies disclose any payment to the U.S. or a foreign government related to the commercial development of the resource. The requirement covers legal payments, extending the U.S. government’s reach beyond the Foreign Corrupt Practices Act, [...]
BP to Use Gulf Revenues to Build Fund
The Obama administration and BP plc (NYSE:BP) are negotiating a deal that could allow BP to use future revenues from its Gulf of Mexico operations to guarantee the $20 billion clean-up and compensation fund it agreed to create to pay for damages related to its blown-out Macondo well. The Wall Street Journal is reporting that [...]
July’s Most Actively Traded US Stocks
At Seeking Alpha, Wall St. Cheat Sheet’s Damien Hoffman posted an interesting article and chart on the most liquid stocks trading on U.S. exchanges (not counting ETFs). Citing a research study from Abel/Noser, Hoffman notes that just six stocks accounted for 10% of activity in July. About 4.24% of all market activity was represented by [...]
Mergers, Acquisitions, and Maybes in Energy Sector
A burst of activity on the mergers and acquisitions front – not involving a sale of assets by BP plc (NYSE:BP) – has stirred up the energy sector. First, oil field services company Nabors Industries (NYSE:NBR) will acquire Superior Well Services Inc. (NASDAQ:SWSI) for $22.12 per share. The all-cash deal is worth a total of [...]
