bp oil disaster

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 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 "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 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.

Why the Latest Oil-Rig Fire Is No BP Oil Spill Repeat

The news of a fire on a Mariner Energy-owned oil-rig platform in the Gulf drew instant comparisons with the Deepwater Horizon rig that exploded in April and caused the huge BP oil spill. But stark differences exist between the two incidents.

BP Tripled Advertising Spending in Weeks Following Oil Spill

BP (BP) spent more than $93 million on newspaper and TV advertising in the weeks following the Deepwater Horizon oil spill, more than three times the amount it spent in the same period a year ago. BP ran ads in newspapers in 17 states, compared with just two states in 2009, The Wall Street Journal reported, citing information from U.S. House Energy and Commerce Committee.

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.

A Tough First Day for Oil Spill Claims Czar Feinberg

Kenneth Feinberg, who was jointly selected to be the new oil spill claims czar by the White House and BP, spent his first official day on the job Monday taking heat over the guidelines he has established for claims against the fund BP set up for victims of the Gulf of Mexico disaster.

Transocean Says It Addressed 90% of Safety Issues Before Gulf Spill

Transocean (RIG), owner of the Deepwater Horizon rig that exploded on April 20, said Monday it had addressed 90% of the recommendations made in a BP (BP) audit before the accident. "Overall rig maintenance aboard the Deepwater Horizon met or exceeded regulatory and industry standards and, according to documents and testimony today by BP%u2019s own executives, the rig was found to be fit, strong and prepared for operations in the Gulf," Transocean told the Financial Times.

BP Spill Created Giant Underwater Oil Plume

Scientists say they found a massive 22-mile long oily plume underwater created by the BP oil spill. The 1.2-mile-wide, 650-foot-high oily soup provides some clues to where the crude has gone as surface slicks shrink and disappear.

BP May Decide Today to Move Ahead With Bottom Kill

BP (BP) and U.S. authorities may make the decision today to move ahead with the so-called bottom kill operation to finally seal the ruptured Macondo oil well in the Gulf of Mexico. The bottom kill would be a four-day process of pumping cement into the well from below, closing it off from the reservoir of oil that feeds it. The well has already been sealed from the top.

BP Solves One Tiny -- $50.4 Million -- Legal Headache

BP, the oil company responsible for the worst oil spill in U.S. history, today resolved one of its many legal challenges, agreeing to pay a $50.6 million fine for failing to fix safety problems after a deadly 2005 fire at Texas refinery.

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 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.

BP Sells Operations in Colombia for $1.9 Billion

BP, which needs to raise funds to help clean up the worst oil spill in U.S. history, said Tuesday it will sell its operations in Colombia for $1.9 billion to Ecopetrol and the Canadian company Talisman. Ecopetrol is the largest oil company in Colombia.

What BP Might Look Like a Year From Now

Will there even be a BP as we now know it? The answers rest on several variables, most notably: continued asset sales, future litigation and efforts to restore the company's now-tattered public image. Its problems are only beginning.

Call for $5 Billion 'Down Payment' From BP

A coalition of three major environmental groups is requesting that BP immediately set aside this money in addition to the $20 billion it has already committed because that federal escrow fund is meant to pay for only economic damages.

How Long Will Dudley's Honeymoon Last?

BP's new CEO Bob Dudley has received a warm welcome in the U.S. press, in large part because he's an American born and raised near the Gulf. While Dudley's local roots may help soothe some nerves in the disaster-stricken region, it's only a matter of time before the harsh realities of the worst oil spill in American history come to the fore.

Bad Weather Brings BP Gulf Operations to Near Standstill

Authorities suspended operations around the ruptured oil well in the Gulf of Mexico and prepared to evacuate workers as a tropical storm threatened to enter the area. Bad weather in the Caribbean will likely enter the Gulf this weekend, and there is a 40% chance of it becoming a tropical depression or tropical storm by Friday, the Associated Press reported. Efforts to plug the ruptured oil well were brought to a near standstill.