Oil prices surged Friday after a pipeline that delivered oil to Midwest refineries was shut down, raising questions about how long the supply may be disrupted.
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Oil up to $75 as stocks rise, Europe worries ease
Oil prices followed stocks higher on Wednesday, as worries about European debt problems eased and buyers returned to the market.
BP: Multiple companies to blame for oil spill
A fire boat response crews battle the blazing remnants of the Deepwater Horizon on April 21. (AP /US Coast Guard)
Shares in BP PLC tracked slightly higher after the release of an internal report on the disastrous oil spill in the Gulf of Mexico that deflects much of the blame onto rig owner Transocean Ltd. and contractor Halliburton Co. The stock bounced as high as $6.44 after the report was made public Wednesday, before retreating a little to trade up 1.8 percent in early afternoon trading London time.
BP took some of the blame for April 20 explosion on the Deepwater Horizon rig that killed 11 workers and started the worst oil spill in U.S. history. It acknowledged in the report that its own employees misinterpreted a safety test that should have raised a red flag about a potential blowout of the Macondo well. Get the full story »
Offshore oil rig in Gulf of Mexico explodes
An offshore oil rig exploded in the Gulf of Mexico on Thursday, west of the site of the April blast that caused the massive oil spill.
Oil prices drop for sixth day on housing news
Oil prices sank again on Tuesday after a disappointing report on home sales underlined the slow economic recovery and weak demand for oil and gas.
BP makes $3B initial deposit to spill fund
BP said Monday it has made an initial deposit of $3 billion into a $20 billion fund to pay for its Gulf of Mexico oil spill after the oil company finalized negotiations with the U.S. Department of Justice. Get the full story »
BP may still drill in Gulf reservoir that blew
BP said Friday it might someday drill again into the same lucrative undersea pocket of oil that spilled millions of gallons of crude, wrecked livelihoods and fouled beaches along the Gulf of Mexico. “There’s lots of oil and gas here,” Chief Operating Officer Doug Suttles said at a news briefing. “We’re going to have to think about what to do with that at some point.”
Aug. 6, 2010 at 10:05 a.m.
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Filed under: Energy, Environment, Management, Stock activity BP stock gains ground, but major resistance looms
Shares in BP rose 1.2 percent in London on Friday, taking their bounce since the near 14-year low in June to 45 percent, lifted by the group’s latest progress in plugging the ruptured oil well in the Gulf of Mexico. Get the full story »
BP’s Tony Hayward defends decisions
From The Wall Street Journal | In his first interview after agreeing to step down from the top spot at oil giant BP this week, Tony Hayward defended his choices during the oil spill crisis, saying he ” became a villain for doing the right thing.” Get the full story »
BP replaces CEO Hayward, reports record loss
Demonstrators hang signs on a fence they have used to barricade a BP station in London, July 27, 2010. (AFP/Getty Images)
BP’s embattled Chief Executive Officer Tony Hayward will be replaced by American Robert Dudley on Oct. 1, the company said Tuesday, as it reported a record quarterly loss and set aside $32.2 billion to cover the costs of the devastating Gulf of Mexico oil spill.
BP said the decision to replace Hayward, 53, with the company’s first ever non-British CEO was made by mutual agreement. In a mark of faith in its outgoing leader, BP said it planned to recommend him for a non-executive position at its Russian joint venture and will pay him 1.045 million pounds ($1.6 million), a year’s salary, instead of the year’s notice he was entitled to.
“The BP board is deeply saddened to lose a CEO whose success over some three years in driving the performance of the company was so widely and deservedly admired,” BP Chairman Carl-Henric Svanberg said in a statement accompanying the quarterly earnings update. Get the full story »
BP to test new cap on leaking Gulf well
A BP official is praising the successful attachment of a new sealing cap on the ruptured oil well in the Gulf of Mexico. But he cautioned that the testing of the cap to begin Tuesday morning will determine whether the new effort can successfully shut down the well. Get the full story »
BP: Systems caught 24,395 barrels of oil Thursday
BP said Friday it is hooking up a third vessel to increase oil-capture capacity at the Gulf of Mexico spill to 53,000 barrels a day from 28,000 barrels a day.
BP spokesman Mark Proegler said that increased capture should start “in a couple of days.”
BP also said its current oil-capture systems at the leak collected or burned off 24,395 barrels of oil Thursday.
BP push for Mideast investors may be issue in U.S.
BP’s recent attempts to get Middle Eastern investors to help plug the leak in its blown-out balance sheet could cause more problems for the embattled British oil company. Increased investments in BP from the Middle East could trigger reviews in Washington, given the company’s U.S. subsidiary, BP America, which drills for oil and natural gas through government leases and sells gasoline and other products to consumers and businesses.
BP could be ripe for takeover
From CNN | BP’s stock price has fallen far enough for the oil company to become an attractive takeover target for its biggest rivals, according to industry analysts.
BP’s stock finished at $28.88 Wednesday, a plunge of more than 50% from its close of $60.09 on April 19, the day before its leased oil rig, the Deepwater Horizon, exploded and sank in the Gulf of Mexico, killing 11 workers. On Thursday, shares were up more than 3%.
Fred Lucas of JPMorgan believes that investors have overdone it in dumping the stock, cheapening it to an attractive value for buyers – meaning potential parent companies, not just individual investors. Get the full story »
Obama to appeal Gulf drilling ban ruling
The U.S. government will immediately appeal a U.S. judge’s ruling Tuesday against the Obama administration’s six-month moratorium on deepwater drilling in the wake of the oil spill in the Gulf of Mexico.
“The president strongly believes … that continuing to drill at these depths without knowing what happened does not make any sense, and puts the safety of those involved … and the environment in the Gulf at a danger that the president does not believe we can afford right now,” White House spokesman Robert Gibbs said. Get the full story »
