BP oil disaster

Cuba's Deepwater Oil Could Be a Game Changer

The delivery of a Chinese-built, Spanish-backed offshore oil rig to Cuban waters has been delayed until summer. But when drilling does begin 90 miles off the Florida coast, it could mean a host of problems -- and opportunities -- on the energy and the political fronts.

BP Oil Spill Panel Calls for Reforms, Stronger Oversight

Oil industry practices and government rules must be subjected to substantial reform to prevent future accidents similar to BP's Deepwater Horizon oil rig disaster in the Gulf of Mexico last April, said a report released Tuesday by the presidential panel probing the incident.

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 Jump on Reports That Shell Considered Merger Bid

Shares in BP (BP) jumped to the highest in six months on media reports that Royal Dutch Shell (RDS.A) considered bidding for the British company during the Gulf Oil disaster. BP shares climbed 5% to 488.85 pence at 10:00 GMT, Reuters reported.

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.

Obama Temporarily Bans Some New Offshore Drilling

The Obama administration will temporarily ban the sale of new offshore oil drilling leases in the eastern Gulf of Mexico and off the Atlantic coast, Interior Department Secretary Ken Salazar said Wednesday, a policy change made in response to lessons learned from BP's horrific Deepwater Horizon oil spill.

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.

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.

Exxon Mobil Rumor Moves BP Stock Up and Down

Earlier Friday in London trading, shares of BP gained on rumors the largest oil company in the world, Exxon Mobil, is considering a bid for the oil company responsible for the largest oil spill in the U.S., Reuters reported.

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.

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.

As Crisis Fades, Investors Flock to BP

In the past month, BP shares are up 16%, outpacing both the Dow and other oil giants. Now that the worst of the oil spill is over, BP has appeal for investors as a cash-flow and profit machine with decent future prospects.

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.

Legal Briefing: Sex Discrimination Suits Hit Goldman, Tyson

Investment banks and chicken slaughterhouses don't have much in common, but evidently they both aren't the easiest places for women to make a living, based on the gender discrimination lawsuits filed against Goldman Sachs and Tyson Foods this week.