The shares of BP plc (ADR) (NYSE:BP) soared in excess of 3 percent in the regular trading session after a lawyer said that the court might reveal Deepwater Horizon (2010) oil spill fine after April only when it receives post-trial briefs from the U.S. government. It is excellent news for the company, which reported lower…
BP plc (ADR) (BP) Seeking to Reduce $13.7 Billion Fine in Penalty Phase of Oil Spill Case
BP plc (ADR) (NYSE:BP) is seeking to reduce the fine of $13.7 billion it is facing for the 2010 Gulf of Mexico oil spill, arguing that it has undertaken extensive efforts to mitigate the effects of the accident. In his opening statement at the penalty phase of of the oil spill trial, BP lawyer Mike…
BP plc (ADR) (BP)’s Shares Rise Nearly 6 Percent Post Lower $13.7 Billion Fine
The shares of BP plc (ADR) (NYSE:BP) soared nearly 5 percent after a U.S. Judge lowered the fine to $13.7 billion from an earlier estimate of $18 billion. As per the latest ruling, the company was responsible for dumping 3.2 million barrels of oil, a quarter less than government estimates, in the Gulf of Mexico…
BP plc (ADR) (BP)’s Oil Spill Fines Cut to $13.7 Billion Against Earlier $18 Billion Government Estimate
The shares of BP plc (ADR) (NYSE:BP) witnessed slight positive movement in the extended hour trading after a U.S. judge ruled out the $18 billion fine settlement from the government and restricted maximum fines to $13.7 billion. At the same time, the judge overruled government’s estimate of 4.2 million barrels of oil spill. In the…
BP plc (ADR) (BP) Earmarks $1 Billion for Job Cuts
BP plc (ADR) (NYSE:BP) will be cutting thousands of jobs across all of its sectors, in a restructuring program that seeks to make the British oil and gas company more profitable amidst steep declines in oil prices. An amount of $1 billion is earmarked for the restructuring, and the company is also eyeing more cuts…
BP plc (ADR) (BP) Downsizing Workforce Amidst Low Oil Prices
BP plc (ADR) (NYSE:BP) is looking towards slashing headcount of its workforce amidst challenges brought about by oil price slump, with its non operations-staff and back-office employees to be the most likely affected in the company’s efforts to reduce costs. The oil industry in general have been bracing the effects of an almost 40 percent…
BP plc (ADR) (BP) Might Cut Off Russian Investments After $18 Billion in Penalties
After a federal judge ruling going against the company, BP plc (ADR) (NYSE:BP) might consider reducing its exposure in Russia. The disinvestment is quite possible considering the current political stress between Moscow and other western countries. Earlier, a U.S. district judge in New Orleans, Carl Barbier, found BP plc (ADR) (NYSE:BP) guilty in the 2010…
BP plc (ADR) (BP) Might Face $18 Billion Penalties in Deepwater Horizon Explosion
Four years after the Deepwater Horizon rig explosion, BP plc (ADR) (NYSE:BP) was found guilty according to a federal judge ruling. The company might face civil penalties of $18 billion because of the resultant pollution in the Gulf of Mexico as stated under the U.S. Clean Water Act. According to Carl Barbier, U.S. District Judge…
BP plc (ADR) (BP) Wants Gulf Spill Claims Administrator Replaced Due to Conflict of Interest
Oil giant BP plc (ADR) (NYSE:BP) has moved to a US court seeking to have Patrick Juneau who was appointed by a court to administer the Gulf Oil Spill claims replaced, citing conflict of interest. The company claims that the lawyer, who had previously represented some claimants, is approving claims in a manner that isn’t…