bp plc-spons adr (BP) Key Developments
BP plc to Establish Separate Business for Onshore Oil and Gas Assets in US Lower 48
Mar 6 14
BP plc has announced its intention to establish a separate business to manage its onshore oil and gas assets in the US Lower 48. The US Lower 48 onshore oil and gas business environment has unique characteristics. Responding to these, the new business will operate separately from the rest of BP and will be designed to adapt to the rapidly changing and hyper-competitive energy landscape in the region. This move is expected to help unlock the significant value associated with BP's extensive resource position in the US Lower 48 onshore, which BP currently oversees through its Houston-based North America Gas group.
BP Seeks Acquisitions
Mar 4 14
BP plc (LSE:BP.) seeks acquisitions. "We will exit activities that no longer fit our strategy and very selectively acquire assets to complement our existing portfolio," said Bob Dudley, BP plc -Chief Executive.
Chesapeake Could Be Up For Sale
Feb 14 14
Several big oil companies are interested to buy Chesapeake Energy Corporation (NYSE:CHK). Carl Icahn an activist investor may give a cash bid as $40 per share. BP plc (LSE:BP.), Exxon Mobil Corporation (NYSE: XOM) and Royal Dutch Shell plc (ENXTAM:RDSA) are the potential buyers.
Federal Appeals Court Clears Way for Medical Claims in 2010 BP Spill
Feb 13 14
A federal appeals court has cleared the way for thousands of workers to be compensated for medical treatment for exposure to crude oil or chemical dispersants during the 2010 BP oil spill in the Gulf of Mexico. The 5th U.S. Circuit Court of Appeals' action involves a settlement approved by a federal judge in January 2013 between BP, workers and some coastal residents from specified beachfront and wetlands areas who said they were injured or sickened during the spill cleanup. Objections by some members of the settlement class were withdrawn over the past year, resulting in the formal dismissal of appeals. The medical settlement is separate from a larger economic damages settlement, which remains the subject of an appeal. Among provisions in the medical settlement are programs providing cash payments for physical conditions associated with exposure to oil, such as respiratory problems, skin rashes and neurological issues; comprehensive medical evaluations once every three years for 21 years; and procedures under which covered workers or residents who develop spill-related illnesses in the future could file suit for compensatory damages.
Minnesota Sues BP for $25 Million for Cleanup of Leaky Tanks
Feb 11 14
Minnesota is suing British Petroleum for $25 million, alleging the company double dipped when it sought state funds on top of insurance payments to clean up contamination from leaking petroleum storage tanks. The Department of Commerce and Minnesota's Petrofund Board filed the suit on February 10, 2014. It alleges that from 1988 to 2012, BP received hundreds of millions of dollars in insurance claims to clean up polluted properties statewide. It alleges BP received $25 million from the Petrofund for those same sites.