Seeking Alpha

BP found grossly negligent in 2010 Gulf spill, shares -4.3%

  • BP (BP -4.3%) plunges on word that the company was found to be "grossly negligent" in the 2010 Gulf oil spill.
  • Halliburton (NYSE:HAL) and Transocean (NYSE:RIG) are said to be cleared of negligence.
Comments (27)
  • Robert.from.Ct
    , contributor
    Comments (640) | Send Message
     
    BULLFEATHERS
    4 Sep 2014, 10:34 AM Reply Like
  • tomlos
    , contributor
    Comments (1207) | Send Message
     
    oh lovely. Is anyone shocked?
    4 Sep 2014, 10:35 AM Reply Like
  • tampabay
    , contributor
    Comments (321) | Send Message
     
    Yea, my stock, guess I'll collect my 5% Dividend and wait it out...
    4 Sep 2014, 10:41 AM Reply Like
  • Landsharks6
    , contributor
    Comments (142) | Send Message
     
    All we can do, unless you want to bail position. I have stuck with them this far,I will go rest of way with them.
    4 Sep 2014, 11:26 AM Reply Like
  • Landsharks6
    , contributor
    Comments (142) | Send Message
     
    Ive been with them this long, I will continue too add when these kind of rulings happen.B.P. will pull through & thgey are very shareholder friendly,also trading at 7.8 is cheap....
    4 Sep 2014, 11:31 AM Reply Like
  • User 5935901
    , contributor
    Comments (44) | Send Message
     
    This will be appealed until BP finds a judge who will rule them not negligent.
    Oh well 5 more years of litigation. Was hoping it would finally be over.
    4 Sep 2014, 10:54 AM Reply Like
  • Interesting Times
    , contributor
    Comments (12969) | Send Message
     
    Anyone who thought BP isn't negligent and bought this stock didn't do their homework !!
    4 Sep 2014, 11:52 PM Reply Like
  • JD in NJ
    , contributor
    Comments (1383) | Send Message
     
    So if I have an electrician over, and told him "I don't care about code, I don't want no stinkin' ground connections', am I stupid or negligent? Which is he, if he listens to me?
    4 Sep 2014, 10:59 AM Reply Like
  • Grant Payne
    , contributor
    Comments (324) | Send Message
     
    Who was the house owner, and who was the electrician, in this case?
    4 Sep 2014, 11:07 AM Reply Like
  • Landsharks6
    , contributor
    Comments (142) | Send Message
     
    He is both ...
    4 Sep 2014, 11:27 AM Reply Like
  • Rose_Colored_Glasses
    , contributor
    Comments (991) | Send Message
     
    It looks as if JD in NJ is clearly the homeowner, the only doubt is if he is negligent or stupid. :-)

     

    This too will pass. Long BP - short stupidity and gross negligence.
    4 Sep 2014, 11:52 AM Reply Like
  • Mike Walker
    , contributor
    Comments (342) | Send Message
     
    Understandable. Unloading the well with reliance on a single pressure barrier (the BOP) was a risky move by BP's well engineers. Prudent operators would have placed a plug somewhere in the casing string in order to provide redundancy.

     

    Transocean is getting the shaft by this ruling.

     

    Halliburton is already punished far beyond their actual responsibility by paying out the $1.1B settlement earlier in the week.
    4 Sep 2014, 11:11 AM Reply Like
  • Cautiously
    , contributor
    Comments (217) | Send Message
     
    This ruling doesn't hurt Transocean(RIG) one bit. in January 2012, the judge ruled on the defendants' cross-motions on their indemnity contracts, between BP and RIG, and by BP and Halliburton(HAL), finding that BP had to indemnify its contractors for compensatory damages resulting from a subsurface oil release like this one. So when BP settled with the class plaintiffs, it required them to dismiss their compensatory damage claims against RIG and HAL, because it knew it would have to eat those losses anyway. As to the non-settling plaintiffs (opt-outs, the 5 gulf states, etc.), BP has to indemnify RIG and HAL. Obviously HAL had no idea this ruling was imminent, or it would never have agreed to pay $1.1B to the class plaintiffs in order to settle their (now-extinguished) punitive damage claims.
    4 Sep 2014, 02:10 PM Reply Like
  • Cautiously
    , contributor
    Comments (217) | Send Message
     
    Read paragraphs 615, 618 and 619 of the court's ruling, in that order. BP must indemnify RIG and HAL, period.
    4 Sep 2014, 04:10 PM Reply Like
  • JB204zz
    , contributor
    Comments (80) | Send Message
     
    It means no clear strategy going forward as we have seen over the past four years. They will also continue to sell assets to pay the additional fines. It may be time to spin off the remaining US assets and move on.
    4 Sep 2014, 11:20 AM Reply Like
  • Overanalytical
    , contributor
    Comments (842) | Send Message
     
    No one should be surprised by this. I just wish the legal team they use was publicly traded...
    4 Sep 2014, 11:40 AM Reply Like
  • narda
    , contributor
    Comment (1) | Send Message
     
    How much longer will the US use BP to prop up our federal budget spending?
    4 Sep 2014, 11:52 AM Reply Like
  • deercreekvols
    , contributor
    Comments (6660) | Send Message
     
    While $BP is down 4.57% as I type, why is this considered a "plunge?"

     

    Apple was down over 4% yesterday and not once did it "plunge."

     

    Poor choice of words, IMO.
    4 Sep 2014, 11:57 AM Reply Like
  • JB204zz
    , contributor
    Comments (80) | Send Message
     
    AAPL was down on valuation. Check the history chart of AAPL and BP and tell me which one you would have preferred to own.
    4 Sep 2014, 12:25 PM Reply Like
  • deercreekvols
    , contributor
    Comments (6660) | Send Message
     
    I own them both....
    4 Sep 2014, 01:04 PM Reply Like
  • NLTInvestor
    , contributor
    Comments (322) | Send Message
     
    Lol I thought this was a given. Surprised it wasn't priced into the stock as fully
    4 Sep 2014, 01:29 PM Reply Like
  • chopchop0
    , contributor
    Comments (3863) | Send Message
     
    so I glad I dumped this dog last year at $45. No point in investing in a company when the government is on you like a dog that won't quit
    4 Sep 2014, 01:33 PM Reply Like
  • doc47
    , contributor
    Comments (1287) | Send Message
     
    Let's have a raise of hands: How many still "love BP for its yield"?
    4 Sep 2014, 04:00 PM Reply Like
  • User 353732
    , contributor
    Comments (4993) | Send Message
     
    How well the US Soviet has learned from the Russian Soviet....and Argentina....and Ecuador.
    4 Sep 2014, 02:11 PM Reply Like
  • Kchapman
    , contributor
    Comments (2) | Send Message
     
    Bought BP right after oil spill....will stick with and go long.
    4 Sep 2014, 03:04 PM Reply Like
  • Robert.from.Ct
    , contributor
    Comments (640) | Send Message
     
    Bought more to lower my cost basis

     

    Who knows how this will turn out

     

    I am forced to wait,however, at least I will reinvest a good dividend every Quarter

     

    Lawyers will try to suck the blood out of BP
    4 Sep 2014, 03:22 PM Reply Like
  • C.N
    , contributor
    Comments (221) | Send Message
     
    Proceeds go to La Raza for few million votes????
    4 Sep 2014, 09:48 PM Reply Like
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