BP Gulf of Mexico

BP Station Owners: Surviving a Debacle and Rebounding

During the height of the bad publicity from the BP oil spill, there was much speculation about whether independent gas station owners would ditch the beleaguered oil company's brand. By and large, though, that didn't happen, and in the months since the disaster, business at many BP stations has rebounded.

BP Shares Fall in London After U.S. Lawsuit

BP (BP) shares fell the most in four months in London after the Obama administration sued the oil giant, saying it violated environmental laws during the Gulf oil disaster. BP shares retreated by as much as 3.2%, the most since August, Bloomberg News said. As of 9:08am local time, the shares were down 2.3% at 465.4 pence.

BP Weighs Sale of North Sea Assets to Cover Gulf Costs

BP is apparently considering the $1 billion sale of some of its assets in the North Sea as it tries to cover cleanup costs from the Gulf of Mexico oil spill. The company's Macondo well in the Gulf of Mexico exploded in April, leading to the most massive oil spill in U.S. history.

BP Suffered From 'Lack of Operating Discipline'

BP (BP) may have ignored potential risks related to the Deepwater Horizon drilling rig and the company suffered from a "lack of operating discipline" according to an interim report. The report from the National Academy of Engineering and National Research Council questions the competency of key personnel on the Deepwater Horizon rig, Bloomberg News reported.

Hayward Says BP Was Not Prepared for Gulf Oil Disaster

Tony Hayward, former CEO of BP Plc (BP) said that the company was not prepared for the Gulf oil spill or the media attention that went with it. In an interview with BBC News to be broadcast today, Hayward said that BP%u2019s emergency planning was lacking and the company was "making it up day to day".

Halliburton Responds to Cement Test Claims

Halliburton (HAL) defended itself against claims that it was aware of test results showing that the cement to be used as a plug for the bottom of the Macondo oil well was unstable.

BP to Sell Four Oil Fields in Gulf of Mexico for $650 Million

BP (BP) will sell four deep-water oil and gas fields in the Gulf of Mexico for $650 million. BP will sell the fields to Marubeni Oil and Gas, a unit of Japan%u2019s Marubeni Corp., The Wall Street Journal said. The deal could be completed by early 2011.

BP to Award Bonuses Based on Safety Perfomance

BP (BP) will award its fourth-quarter bonuses based entirely on performance on safety-related issues. CEO Bob Dudley told employees on Monday that the bonus policy is meant to emphasize that safety is the company%u2019s top priority, The Associated Press reported.

BP to Sell Venezuela, Vietnam Assets for $1.8 Billion

BP (BP) will sell a total of $1.8 billion of assets in Venezuela and Vietnam to TNK-BP to raise money to fund the Gulf of Mexico oil spill clean up. TNK-BP, a joint venture between BP and a group of Russian billionaires, will make a $1 billion deposit by Oct. 29 and pay the rest in the first half of 2011, Bloomberg News reported.

BP Names Assets as Collateral For Compensation Fund

BP (BP) named the U.S. oil assets that will help finance its $20 billion compensation fund for victims of the Gulf oil disaster. Revenue from oil fields including Thunder Horse, Atlantis and Mad Dog will be tied to compensation payments, the oil giant said in a statement.

BP Creates Safety Unit, Fires Executive

Incoming BP (BP) CEO Bob Dudley fired the executive at the center of the Gulf oil disaster and created a new division to improve safety. Andy Inglis, the head of the company%u2019s upstream business, will leave the company at the end of the year, BP said in a statement.

BP Will Join Other Oil Giants in Spill Response Group

BP (BP) will join an oil spill response group formed by fellow oil giants Exxon Mobil (XOM), ConocoPhillips (COP), Chevron (CVX) and Royal Dutch Shell (RDS.A). BP will make its underwater well containment equipment and personnel available to the group, called the Marine Well Containment Co., The Washington Post said.

BP Relief Well Reaches Macondo Well

BP's (BP) relief well reached intercepted the Macondo well, putting engineers in a position to permanently plug the well that spewed out millions of barrels of oil into the Gulf of Mexico.

Where's the Oil From the BP Spill? Look Down Below

Nearly five months since the start of the massive BP oil spill, many questions are still unanswered. More than 200 million gallons of oil were released between April and August. And now a team of marine scientists thinks they know where a large portion of the oil from the BP spill has gone.

BP Expects Gulf Compensation Claims Below $20 Billion

Oil giant BP (BP) believes that compensation claims related to the Gulf of Mexico oil disaster will be less than the $20 billion the company set aside to meet the claims, CEO Bob Dudley told analysts. Dudley said "that given the current estimates of claims, the $20 billion Independent Claims (ICF), that BP established probably exceeds calls," Citigroup analysts wrote in a research note.

BP to Delay Third Quarter Earnings Report by One Week

BP (BP) will delay the release of its third quarter earnings by one week to give the company more time to incorporate data and disclosures related to the oil spill in the Gulf of Mexico. BP%u2019s earnings will now be released on Nov. 2, Dow Jones Newswires said.

BP Says Barring it From Drilling in the Gulf Endangers Payouts

BP (BP) warned that any legislation that stops it from drilling for oil in the Gulf of Mexico could prevent the oil giant from paying out compensation related to this year%u2019s oil spill. Congress is currently considering legislation that would bar any company from receiving offshore drilling permits if more than 10 fatalities had occurred at its offshore or onshore facilities, The New York Times reported. The bill also forbids permits to companies that have paid fines of $10 million or more under the Clean Air or Clean Water acts over a seven-year period.

BP Investigation Says Engineers Misread Deepwater Horizon Data

BP%u2019s (BP) investigation into the Deepwater Horizon rig oil disaster accepts that the company is at least partly responsible for the disaster, with employees misinterpreting data that suggested a blowout was imminent, Bloomberg News said. BP managers on the rig misinterpreted a test of Macondo well%u2019s stability, Bloomberg News said. Workers then began replacing drilling fluid in the well with seawater, which led to natural gas shooting up the pipe to the rig, where it exploded.

BP Decides to Pass on Greenland Drilling License

BP (BP) decided not to bid for a license to drill for gas off the coast of Greenland, a move that government officials say could have been influenced by the company%u2019s safety record in the wake of the disaster in the Gulf of Mexico. Premier Kuupik Kleist said Wednesday that safety records are key when approaching the licensing process, according to The Associated Press.

BP Completes Cementing of Oil Well in Gulf of Mexico

BP (BP) finished pumping cement into its broken Macondo oil well in the Gulf of Mexico, clearing the way to permanently sealing the leak later this month. BP pumped cement into the well for most of Thursday after using mud to control the pressure inside the ruptured well, Reuters reported.

BP Begins Cementing Gulf Oil Well

BP (BP) has started pumping cement into its ruptured Macondo well in the Gulf of Mexico, the next step in the process to permanently end the disastrous oil spill.

BP Says Gulf of Mexico Oil Well in 'Static Condition'

BP (BP) said its ruptured well in the Gulf of Mexico reached a "static condition", with the well pressure brought under control. The pressure was stabilized by the so-called static kill process of pumping in mud, which began Tuesday, BP said in a statement.

Gulf Disaster Is Largest Accidental Spill Ever, Research Shows

The oil spill in the Gulf of Mexico has spewed nearly 5 million barrels of oil into the ocean, making it he largest accidental spill into marine waters in history, new research shows. The spill from BP (BP)%u2019s ruptured Macondo well easily outstrips the previous record of 3.3 million barrels released into the Bay of Campeche by Mexico%u2019s Ixtoc I rig in 1979, The New York Times reported.

Engineers in Gulf Ready 'Static Kill' Operation

Crews working to plug BP's ruptured oil well in the Gulf of Mexico aim to begin an operation to pour mud and cement into the well by Monday evening, a step toward fixing the leak permanently.