British Petroleum

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BP Abandoning Alaska After 6 Decades

Company plans to sell assets to Texas firm

(Newser) - BP plans to sell its interests in Alaska's once prodigious North Slope to a company seen as having a reputation of giving new life to aging fields. The sale to Hilcorp Alaska, an affiliate of Texas-based Hilcorp Energy Co., would be worth $5.6 billion, and include interests in... More »

A Huge BP Find: 1B Barrels of Crude

Besides the oil find, company is also investing $1.3B in a new expansion process

(Newser) - BP is investing a lot more money into the Gulf of Mexico, and into cutting-edge technology overall—and it looks like that investment is already paying off. CNBC and Reuters report the company just discovered two new oil fields, plus 1 billion barrels of crude oil at its existing Thunder... More »

BP CEO Shouldn't Get 20% Raise After $5.2B Loss: Investors

But vote's nonbinding, so looks like Bob Dudley will get his full bonus

(Newser) - Oil giant BP lost $5.2 billion last year, but the company somehow saw fit to propose maximum bonuses for 2015 for its top executives, including a 20% pay increase for CEO Bob Dudley—a proposal that 59% of shareholders roundly rejected by proxy vote at Thursday's annual meeting,... More »

Feds OK Commercial Drone Flights Over Land

'Puma' will keep watch over BP's pipelines in Alaska

(Newser) - The aircraft now keeping an eye on BP's pipelines near Prudhoe Bay, Alaska, has an unusual way of taking off: It gets thrown. That's because it's a drone called Puma, and it happens to be the first drone approved for commercial flights over land in the US,... More »

'Active Cleanup' of Gulf Spill Finally Finished

BP, Coast Guard move on

(Newser) - By now, the 2010 Deepwater Horizon disaster may seem like a distant memory, but the Coast Guard and BP ended their "active cleanup" of the spill just two days ago. That doesn't mean that the cleanup is over, just that instead of patrolling the affected coastline, ships will... More »

BP Allowed Back in Gulf Waters

British Petroleum and the EPA reach agreement

(Newser) - BP is taking a big step in its recovery following 2010's massive oil spill . The US has agreed to lift the 2012 ban that kept the oil company from doing business with the US government—including seeking contracts in the Gulf of Mexico. That means the company can begin... More »

Ex-BP Engineer Guilty of Hiding Spill Evidence

Jury said deleted text messages amounted to obstruction of justice

(Newser) - A former BP drilling engineer was convicted today of deleting text messages to obstruct a federal investigation of the company's massive 2010 oil spill in the Gulf of Mexico, making him the first former or current BP official to be found guilty in the mess. He now faces up... More »

90 Companies to Blame for 63% of Global Emissions

Chevron, BP, Exxon racked up 9% alone

(Newser) - Want to personally thank those largely responsible for putting greenhouse gases into the air? Fewer than 100 phone calls will do the trick. According to new research, 90 companies have produced 63% of the emissions of carbon dioxide and methane since the dawn of the industrial age. Chevron, BP, and... More »

Europe Raids Big Oil Firms, Looking for Price Rigging

BP, Shell, and Statoil involved

(Newser) - European authorities raided the offices of BP, Shell, Statoil, and other companies involved in the oil business yesterday, as part of an investigation into what they suspect is a more than decade-old conspiracy to rig oil prices. The European Commission said it had launched "unannounced inspections" of oil company... More »

Mammoth Gulf Oil Spill Trial Begins

Feds want BP to pay handsomely

(Newser) - With billions of dollars at stake, the trial to figure out how much more BP and other companies should pay for the nation's worst offshore oil spill began today with the federal government saying the oil giant was mostly to blame for a disaster caused by putting profits ahead... More »

It's Official: BP Pleads Guilty to Manslaughter

Judge accepts deal, despite objections from victims' families

(Newser) - Corporations are people, my friend, and that means they can commit manslaughter. After listening to testimony from relatives of the 11 workers killed in the Deepwater Horizon disaster, a federal judge today approved BP's plea deal , allowing the oil giant to plead guilty to manslaughter and other charges, the... More »

Oil Rig Owner to Pay $1.4B Over Gulf Spill

Transocean settles with US over Deepwater Horizon disaster

(Newser) - The Justice Department reached a $1.4 billion settlement today with Transocean Ltd., the owner of the drilling rig that sank after an explosion killed 11 workers and spawned the massive 2010 oil spill in the Gulf of Mexico. The proposed settlement resolves the department's civil and criminal probes... More »

Gulf's Mystery Sheen Baffles BP, Coast Guard

But the once-burst well is still sealed

(Newser) - Underwater inspections conducted with robot submarines at the site of BP's Deepwater Horizon rig disaster have failed to identify the source of a persistent sheen on the surface of the Gulf of Mexico, officials said yesterday. It's not all bad news: The Coast Guard and BP both said... More »

US Suspends BP From Future Contracts

Temporary move cites 'lack of business integrity'

(Newser) - The Obama administration put a temporary stop to new federal contracts with British oil company BP today, citing the company's "lack of business integrity" and criminal proceedings stemming from the Deepwater Horizon disaster in 2010. The action by the Environmental Protection Agency bars BP and its affiliates from... More »

BP's Tab So Far in Gulf Spill: $38B

But third-quarter results better than expected

(Newser) - BP is still calculating its costs related to the Deepwater Horizon oil spill, but the Gulf of Mexico disaster has now cost the oil giant more than $38 billion to date, Sky News reports. The firm’s third-quarter report included $59 million in payments related to the spill, but even... More »

Iraq's Oil Production Hits New Heights

With Iran sanctions rising, Iraq oil needed for world supply

(Newser) - Iraq may be crippled by mismanagement and violence , but it does have one huge bright spot these days—oil. Iraq's crude oil production is up 20% this year to the tune of 2.5 million barrels a day, reports the New York Times . Oil provides 95% of government revenues... More »

Deepwater Drilling to Pass Pre-Spill Heights

Oil demand keeps drills humming in Gulf of Mexico

(Newser) - It's been almost two years since the Deepwater Horizon explosion, and deepwater drilling is back. With a year-long moratorium over, BP and other companies are intensifying their operations in the Gulf of Mexico, and production there will soon exceed its pre-accident highs, the New York Times reports. The practice... More »

BP Reaches $7.8B Settlement in Gulf Oil Spill

Deal does not include biggest plaintiff of all: US government

(Newser) - BP has agreed to pay about $7.8 billion to thousands of individuals and businesses around the Gulf of Mexico in economic and medical compensation for the massive 2010 oil spill, reports the Washington Post . About $2.3 billion will go to compensation to the seafood industry alone. BP also... More »

BP Faces $52B in Gulf Spill Fines

With trial to begin tomorrow, lawyers negotiating furiously

(Newser) - With the trials set to begin tomorrow for BP and the other companies involved in the 2010 Gulf of Mexico oil spill, BP alone could conceivably face up to $52 billion in fines and compensation, reports the AP . Under the Clean Water Act, which requires a minimum of $1,100... More »

Charges Loom in Deepwater Disaster

Engineers, at least one supervisor under the gun

(Newser) - US authorities are on the verge of bringing their first criminal charges related to the Deepwater Horizon disaster, with several Houston-based engineers and at least one BP supervisor likely facing felonies, sources tell the Wall Street Journal . The men are suspected of providing false information to regulators regarding the risks... More »

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