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.
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.
BP said Thursday that it will pay $4.5 billion in a settlement with the U.S. government over the massive 2010 oil spill and will plead guilty to felony counts related to the deaths of 11 workers and lying to Congress.
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 Justice Department is charging BP with gross negligence for its reckless actions related to the Deepwater Horizon oil spill in the Gulf of Mexico. If the charges stick, BP could face fines up to $21 billion. Can the company survive such a financial and PR nightmare?
A dicey economy doesn't mean that fashion is out of fashion. Apparel designer PVH, owner of such brands as Calvin Klein and Tommy Hilfiger, posted better than expected quarterly results on Monday afternoon.
Popularity can be fickle: One day America loves your brand; the next, you're passe. But every year brings some surprising rebounds, and you won't believe some of the companies that made 2012's list for most improved images in the eyes of U.S. consumers.
If you think you're paying a lot at the gas pump now, just wait until summer hits. Stronger demand could lead to record gas prices as an economic recovery takes hold and turmoil in the Middle East sends the price of oil upward. How high? $5 a gallon isn't out of the realm of the possible.
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.
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.
Katia, still a tropical depression, is slowly moving toward the Gulf of Mexico, and several oil firms have begun to pull workers from offshore rigs. Depending on its path, the storm could further disrupt production and refining: Is Katia about to bump the price you pay at the pump?
As you hit the road for your final road trip of the summer, consider driving to one of the 10 states with the lowest prices on gas. Turns out, those sunny states also offer bountiful vacation options for the budget-conscious family.
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.
Facing widespread calls for boycotts, owners responded by hammering home the message that the U.K. oil company doesn't own most of the retail locations that bear its name. Now as anger fades, business is coming back, and few owners ditched the brand.
One would think that BP's massive Gulf of Mexico oil spill this year would have given pause to the global oil industry, but that doesn't appear to be the case. Companies in the sector are planning to spend a record $490 billion in 2011, including a large amount for deep-water development.