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BP p.l.c. (BP)

  • Jul. 3, 2013, 9:40 AM
    Former FBI chief Louis Freeh is appointed to investigate alleged improprieties by an attorney involved in overseeing settlement payments related to the 2010 Gulf of Mexico oil spill. BP had called for an independent investigation into the allegations and has argued the court-appointed administrator has approved payouts that are either too large or go to parties that didn’t actually suffer losses from the spill.
  • Jul. 2, 2013, 5:15 PM
    BP's compensation payouts under the settlement for victims of the 2010 Gulf of Mexico spill are on course to hit the company’s earnings before year-end unless it is successful in a legal challenge to be heard in court next week, FT reports. BP has been paying via the $20B trust fund for spill victims it set up in 2010, but commitments had reached $18.3B by March, leaving just $1.7B for future claims.
  • Jul. 2, 2013, 12:16 PM
    BP's Whiting refinery in Indiana is back at full production, adding ~$1B/year to operating cash flow to its bottom line but also raising demand for WTI crude, which likely will push the price difference between WTI and pricier Brent crude to below $5 for the first time since early 2011, analysts at Tudor Pickering Holt say.
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  • Jul. 1, 2013, 5:57 PM
    BP agrees to a $7M settlement to resolve lawsuits filed last year after it recalled ~4.7M gallons of tainted gasoline in four Midwestern states. BP already has resolved and paid more than 16,800 consumer claims totaling ~$16M involving the tainted gasoline that was processed at its Whiting, Ind., refinery.
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  • Jul. 1, 2013, 12:51 PM
    The reconfigured crude distillation unit at BP's (BP +0.3%) Whiting, Ind., refinery is up and running, bringing BP a major step closer to completing the five-year modernization project at the facility aimed at allowing it to process more heavy, sour crudes. With the startup, the Whiting refinery - BP's largest in the U.S. - can again process 413K barrels/day of crude.
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  • Jun. 27, 2013, 6:51 PM
    A London petroleum engineering professor hired by BP claims the U.S. government overestimated by 50% the amount of oil that spewed from the Macondo well in 2010, a finding that could cut the maximum Clean Water Act penalties BP faces by up to $7B. The issue will be the main bone of contention during the second phase of a civil trial set to begin in September.
  • Jun. 27, 2013, 10:59 AM
    The failure of the Nabucco pipeline plan to win the backing of the BP-led Shah Deniz consortium despite strong backing from the European Commission is another example of how the continent’s energy policy has fallen into disarray, James Herron writes. The carbon trading system is faltering, and some of the largest economies face a growing risk of fuel-supply disruptions because of the shutdown of unprofitable oil refineries.
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  • Jun. 27, 2013, 9:10 AM
    Rosneft (RNFTF.PK) says it may offer to buy out minority shareholders in TNK-BP or convert their shares into Rosneft stock, but only at a lower valuation than at which it took over TNK-BP. The comments from Rosneft VP Igor Maidannik offer a glimmer of hope that minority shareholders who own ~5% of TNK-BP will not end up empty-handed.
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  • Jun. 26, 2013, 9:39 AM
    BP (BP +0.6%) begins a more aggressive campaign to challenge settlement payouts related to the 2010 Gulf of Mexico spill, running an ad blitz in some of the largest U.S. newspapers highlighting what it sees as unfairness of some of the spill claims against them and sending hundreds of letters to people it believes received some of those excessive payments.
  • Jun. 26, 2013, 7:59 AM
    The BP-led Shah Deniz II consortium has not selected the Nabucco West plan to channel natural gas from the Caspian region to central Europe, according to Austrian energy producer OMV. The defeat means Trans Adriatic Pipeline wins the two-horse race for the $28B Shah Deniz II scheme to produce 16B cubic meters/year of gas, with production to start in 2018. TAP shareholders include Statoil (STO) and Axpo with 42.5% each and E.ON (EONGY.PK).
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  • Jun. 25, 2013, 10:49 AM
    The shale oil surge isn’t just congesting inland pipelines and refineries; Eagle Ford production is clogging up the public docks of the port of Corpus Christi in Texas. A new public dock capable of handling two 30K barrel barges at one time is set to open, but it won’t solve the problem of congestion through the port’s narrow waterways, the port’s director of operations and harbor master tells Platts.
  • Jun. 24, 2013, 2:58 PM
    BP (BP +0.2%) is restarting the reconfigured crude distillation unit at its Whiting, Ind., refinery, in line with its previously announced timetable. A modernization project at Whiting refinery aimed at expanding capacity to process heavier crudes has been underway since 2008. Whiting has the capacity to process up to 413K bbl/day of oil and produce up to 15M gallons of refined products.
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  • Jun. 21, 2013, 8:51 AM
    Rosneft (RNFTF.PK) has been busy: In addition to its blockbuster $270B agreement to sell China ~365M tons of oil over 25 years, further announcements include multibillion dollar contracts with Poland, oil trader Trafigura, Italian refiner Saras and petrochemical company SANORS. It’s also looking at a major collaboration with BP on some of its trickiest onshore fields.
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  • Jun. 21, 2013, 7:43 AM
    BP calls for an independent investigation of the process used to compensate people for losses arising from the 2010 Deepwater Horizon oil spill, following reports that a lawyer working for the claims administrator had been suspended for alleged misconduct.
  • Jun. 20, 2013, 5:14 PM
    New indictments have been leveled against two ex-BP employees over the 2010 Deepwater Horizon disaster. A former VP of exploration allegedly gave false information to a House committee when he said the flow from the ruptured Macondo well likely was ~5K bbl/day while internal BP documents put the rate much higher. An ex-BP engineer allegedly deleted records on the amount of oil which had spilled.
  • Jun. 20, 2013, 12:47 PM
    As Congress considers scaling back U.S. rules that mandate the use of renewable fuels, it has the full support of the petroleum industry with one major exception: BP is part of the Butamax JV with DuPont (DD) set to start producing a new alternative fuel by year-end, so to preserve a market for that fuel, its reps are trying to convince D.C. lawmakers that the current system doesn’t need an overhaul.
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Company Description
BP PLC provides energy products and services. The company explores for oil and natural gas and also engages in supply and trading of crude oil, petroleum, petrochemicals products and related services.