BP PLC

Midday Market Minute: BP, Gulf Coast Oil Spillers Face Day in Court

Nearly three years after a deepwater well rupture killed 11 men, sank a rig and spewed 4 million barrels of oil into the Gulf of Mexico, BP and the other companies involved are scheduled to face their judge in court. The trial is set to start Monday in New Orleans before a federal judge, but a settlement is possible.

AG Holder: $4.5 Billion Settlement Not the End of BP Oil Spill Probe

Two men who worked for BP during the 2010 Gulf oil spill disaster have been charged with manslaughter, hours after BP announced it was paying $4.5 billion in a settlement with the U.S. government over the disaster. U.S. Attorney General Eric Holder said the criminal investigation is continuing.

Big Oil Isn't as Profitable as Everyone Thinks

Americans spend a lot of money on oil: about $632 billion a year. And the big oil producers report eye-popping annual profits, like ExxonMobil's $41 billion in 2011. Numbers like that may make you feel like we're getting robbed at the pump ... but it's not that simple.

BP Sells Some Gulf of Mexico Assets for $5.55 Billion

Oil company BP said Monday it is selling some deep-water assets in the Gulf Mexico to Plains Exploration & Production Co. for $5.55 billion, a big step in the BP's drive to cover the cost of its oil well blowout in the Gulf two years ago and concentrate investment elsewhere.

The Global 500: No Borders, No Boundaries

Despite financial turmoil in Europe and disasters in Japan, the world's largest corporations had record profits and revenue in 2011. Where on Earth will the growth come from next?

How to Heat Your Home for Free (or Profit) This Winter

Like they say: If you can't beat 'em, join 'em. With the price of home heating oil on the rise, and likely to go on rising due to global politics, now might be a good time to place a bet on oil to hedge against the costs of keeping the homestead warm.

Why BP Will Never Be Great Again

BP has big problems, and not just because of the Gulf of Mexico oil spill and the $20 billion compensation fund it set up to pay the victims. The petro-giant has been missing Wall Street's profit targets lately, thanks to sloppy operations and a general trend toward lower gasoline consumption.

Why Bank of America Will Never Be Great Again

Bank of America did the right thing this week, nixing its notorious $5 a month debit card fee before it began. But B of A can't win, and even now, financial journalists are wondering how it will find ways to nickel and dime its way back from this week's fee retreat at the expense of its customers.

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 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.

Oil Spill Investigator Says No Corners Cut

The lead investigator for the presidential panel's investigation of April's Deepwater Horizon oil-spill disaster that killed 11 workers refuted previous reports that the rig's majority owner BP Plc and contractor Halliburton Co. compromised safety by cutting corners during the rig's construction, the New York Times reported.

White House Kept a Lid on Oil Spill's Worst-Case Scenario

The White House blocked government scientists' efforts to disclose the worst-case environmental scenario related to the April 20 explosion of BP's Deepwater Horizon rig, the Associated Press reported Wednesday, citing a panel appointed by President Barack Obama to examine the spill.

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 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 Says "Multiple Companies" Responsible for Gulf Oil Disaster

A report by BP (BP) says that "multiple companies and work teams" are responsible for the Gulf oil disaster that killed 11 workers and spewed out millions of gallons of oil into the ocean. "It is evident that a series of complex events, rather than a single mistake or failure, led to the tragedy," outgoing CEO Tony Hayward said in a statement. "Multiple parties, including BP, Halliburton and Transocean, were involved."

BP Faces a $10 Billion Refinery Lawsuit

BP may have finally succeeded in plugging the worst oil leak in U.S. history, but its troubles are far from over. Thousands of Texas City, Tex. residents have joined a potential $10 billion class-action lawsuit against the U.K.-based oil company for failing to notify them about a leak at its Texas City refinery, which spewed roughly 500,000 pounds of pollutants into the air between April 6 and May 16.

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.

Displaced Gulf Coast Pets Will Find New Homes in N.J.

Pictures of oil-soaked birds and sea creatures are the public image of the BP oil spill. But they aren't the only animals affected: The economic catastrophe in the Gulf Coast region has forced people to surrender dogs and cats in droves because they can no longer afford to care for them.

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.

BP CEO Tony Hayward Gets Banished to Siberia

Embattled BP CEO Tony Hayward, whose penchant for verbal gaffes deepened the psychological wounds caused by the worst oil spill in U.S. history, will step down from the top job effective Oct. 1 to take over as head of BP's joint venture in Russia, TNK-BP.

BP's Alleged Political Meddling Over Libya: Old Habits Die Hard

BP reportedly lobbied Britain for the release of Lockerbie bomber, a Libyan, to further its oil projects in the African nation. But big oil companies have a long history of political meddling -- BP helping to instigate the overthrow of Iran's leader, Mossadeq, in 1953 is an example.

'Death on the High Seas Act' Needs Fixing to Help BP Widows

BP can pay the family of a rig worker killed in the Deepwater Horizon explosion a mere $1,000 as compensation for the death thanks to the outdated Death on the High Seas Act. Congress has vowed to change the act, but it may not be as easy as they think.

BP Earnings Miss on Sliding Refinery Margins

Despite higher average oil prices, cost-cuts and increased efficiency, BP missed analysts' fourth-quarter earnings forecast. The culprit: weak demand for gasoline continued to squeeze refining margins, to $1.49 per barrel from $5.20 in fourth-quarter 2008.

Refining Could Be Key to BP's Earnings

With crude on the rise, exploration and production operations should help the oil giant meet analysts' estimates. But keep an eye on its refining operations: Efficiency gains will be needed for the stock price to move upward again.