transocean

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.

Why Gas Could Hit $5 a Gallon This Summer

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 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 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 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."

Is Transocean to Blame for
the Gulf Oil Spill?

Though BP has taken the brunt of the blame for the Gulf of Mexico oil spill, the Deepwater Horizon oil rig that exploded was owned by Transocean, and as investigators delve deeper into what happened on April 20, they're focusing more on Transocean's maintenance of the rig.

Legal Briefing: Can BP Victims Get Paid and Still Sue?

Legal Briefing: BP and BP spill fund czar Kenneth Feinberg is taking a lot of flak for the details of the compensation program. One issue is the likelihood that people who take payments won't be able to sue later.

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.

Three High-Quality Stocks That Could Double

Formula Capital's James Altucher says that there has never been a better time to pick up high-quality stocks at bargain prices -- as long as you choose the right ones. Altucher recommends three "beaten over the head with a bat" stocks he expects will double in the next one to two years.

Oil Companies Reap Billions in U.S. Tax Breaks

The oil industry is subsidized beyond virtually any other business in America, enjoying tax breaks that average $4 billion a year. The massive tax breaks reaped in BP's disastrous Deepwater Horizon project, which caused the worst offshore oil spill in U.S. history, are typical.

Legal Briefing: Transocean's Ineffective Move to Slow Litigation

Accused Gulf oil spill villain Transocean recently invoked an 1851 law to try to limit its liability in the disaster. A U.S. District Court has ruled that the statute's damage cap doesn't apply, but the settlement of personal injury and wrongful death claims will be slowed down by the maneuver.

Legal Briefing: Transocean's Slippery Gulf Oil-Spill Maneuvers

News has leaked out of unsavory legal tactics by Transocean, a company involved in the Gulf oil disaster. It reportedly pressured traumatized rig evacuees to sign statements protecting the company. Now, Transocean is maneuvering in court to limit its liaibility.

The Transocean's Leaking Oil Is Bad but Not Likely Catastrophic

The Transocean rig isn't likely to threaten the U.S. shoreline with a large amount of oil. And if the well leak can be capped soon, the total spill might be kept under 20,000 barrels. That would be an ecological hazard, but it might not be an awful one.

The Oil Rig Fire's Costs Are Mounting Fast

The oil rig explosion off the cost of Louisiana that left 11 workers missing could prove very costly for the two companies involved. Their stock prices have already fallen and the first lawsuit from the families of the missing workers was filed on Thursday.