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BP p.l.c.

5/26/2013, 5:13 AM ET

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Sunday, May 26, 3:28 AM BP (BP), Shell (RDS.A), Statoil (STO) and others have been sued for allegedly conspiring to fix the price of Brent Crude oil and futures contracts. The lawsuit, which was filed by Chicago-based commodity trading house Prime International, is the first such action following news of a European investigation into possible oil-price manipulation. 1 Comment [Energy]
Friday, May 24, 10:38 AM Reliance Industries (RLNIY.OB), BP and Niko Resources say they made a significant gas and condensate discovery at their Krisha Godavari D6 deepwater block off eastern India. Reliance, which operates the venture and holds a 60% interest with BP holding 30%, says the data suggests good flow potential and will evaluate development options. Comment! [Energy]
Friday, May 24, 10:11 AM Should there be a cap on oil spill payouts? A group of accounting professors essentially says yes and is backing BP's fight to cap the U.S. oil spill compensation payouts it must fund, which threatens to add billions of dollars to its bill for the 2010 Gulf of Mexico oil spill. "Identifying revenues and expenses requires more than a mere consideration of cash receipts and disbursements," the profs say. 11 Comments [Energy]
Thursday, May 23, 8:39 AM PetroChina (PTR) says it will seek to increase cooperation with companies including Exxon (XOM), BP, Shell (RDS.A), Chevron (CVX) and Eni (E), potentially teaming up to make acquisitions or joint exploration activities, as it makes expansion abroad a priority. PTR plans to invest ~$60B this decade in global oil and natural gas assets to increase the share of overseas output to half of its total. 2 Comments [Energy]
Wednesday, May 22, 11:58 AM BP (BP +0.4%) has allocated $2.85B to develop Iraq's Rumaila oilfield in 2013, up from $2.2B last year, with plans to drill new 300 oil wells over the next five years, according to the head of the joint management committee for the field. Boosting output from Iraq's most prolific oilfield is vital for the country to realize its ambition of raising oil exports to 6M bbl/day by 2017. 2 Comments [Energy]
Wednesday, May 22, 5:59 AM Since February, BP has stepped-up challenges to compensation awards stemming from the 2010 Gulf oil spill. The company now objects to 9.3% of awards administered by Patrick Juneau who oversees settlement claims, that's up from just 4% earlier in the year. The company's lawyers are challenging the way Juneau calculates losses, although they have so far been unsuccessful. If an appeal of a District Court decision upholding Juneau's interpretation is denied, BP says it will be "irreparably harmed." 4 Comments [Energy]
Tuesday, May 21, 10:57 AM Given their activity in the Platts oil trading window, it’s not surprising that European regulators would send questionnaires to Glencore (GLCNF.PK), Vitol and other trading houses asking for information about how fuel pricing works. But no one knows exactly what is being investigated; a look at the Platts daily European oil markets newsletter shows the EU could be looking at any of dozens of daily price assessments. Comment! [Energy, Global & FX, Commodities]
Monday, May 20, 10:47 AM Abu Dhabi’s state oil company is under pressure to take a quick decision on which foreign companies will get concessions in one of the few major oil producing areas in the Persian Gulf where international companies are still allowed to hold an equity interest. Prequalified companies are BP, XOM, RDS.A, TOT, STO,OXY, E, PTR, OJSCY.OB, Inpex, Korea National Oil. Comment! [Energy, Global & FX]
Monday, May 20, 9:06 AM Texas on Friday became the latest state to sue BP, Halliburton (HAL) and others tied to the 2010 Gulf of Mexico oil spill, alleging the parties "engaged in willful and wanton misconduct." The Texas lawsuit asks for money for various reasons including sales and hotel occupancy taxes the state says it didn't receive because visitors didn't go to its Gulf Coast communities due to the spill. 10 Comments [Energy]
Friday, May 17, 2:21 PM Tesoro (TSO +5.3%) says the FTC approved its purchase of BP's 240K bbl/day Carson, Calif., refinery and other assets. The commission found the deal would not substantially lessen competition among seven refiners for gasoline in California, the largest U.S. gasoline market. Tesoro Logistics (TLLP +3.5%) will acquire the first portion of Carson logistics assets from TSO for $640M. Comment! [Energy, On the Move]
Friday, May 17, 11:58 AM Major oil producers launch a joint program to beef up their Arctic oil spill response plan in a bid to convince the Arctic Council they are ready for large-scale development in the region. There are plenty of doubters, of course, and incidents such as BP 2010 Gulf of Mexico spill and Shell's recent problems north of Alaska with two drill ships don't help. 6 Comments [Energy]
Friday, May 17, 9:56 AM The U.K.'s Serious Fraud Office says it is "urgently reviewing" whether it has the authority to investigate allegations of price fixing in the oil market, after unannounced inspections earlier this week by EU antitrust authorities of BP, Shell (RDS.A, RDS.B) and Statoil (STO). The SFO believes it could be the appropriate body to investigate such allegations. 5 Comments [Energy, Global & FX]
Friday, May 17, 8:12 AM The deadline for claims against BP related to the 2010 Gulf of Mexico oil spill is 11 months away, but the overseer responsible for paying the claims says he is already bracing for a late surge in filings. Of more than 165K claims filed as of May 15, nearly 25% have been determined eligible for payments worth ~$3.2B, and 200K claims seems likely before all is said and done. (earlier) 4 Comments [Energy]
Thursday, May 16, 2:46 PM Tesoro (TSO +0.8%) may take ownership of BP's (BP -0.2%) 240K bbl/day Carson, Calif., refinery and other assets as early as June 1, Reuters reports. Federal and state regulators have been reviewing TSO's planned $2.5B purchase of the refinery and assets since the deal was announced in August. 1 Comment [Energy]
Thursday, May 16, 2:13 PM U.K. government officials say BP (BP -0.2%) has not sought help from PM David Cameron in reducing compensation claims related to the 2010 Gulf of Mexico oil spill. Either way, a U.S. President has no sway over the independent U.S. judiciary. A BBC report cited BP sources who worry that cash leakage from compensation claims could put its dividend at risk and make it vulnerable to a takeover (also). 2 Comments [Energy]
Thursday, May 16, 5:59 AM BP is calling in the big guns for help mitigating claims tied to the 2010 Gulf oil spill. The company wants British Prime Minister David Cameron to talk with U.S. officials regarding escalating payment claims, some of which BP says are "fictitious" and increasingly "absurd." The company has set aside more than $8B to cover so-called business economic losses. 9 Comments [Energy]

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