Inside these posts: Gulf oil spill

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Only $3.8B paid from BP’s $20B Gulf cleanup fund

The fund established to compensate Gulf Coast residents in the aftermath of last year’s massive BP oil spill said Monday it has paid out $3.8 billion so far. Get the full story »

Transocean execs get big bonuses after spill

Declaring 2010 “the best year in safety performance in our company’s history,“ Transocean Ltd., owner of the Gulf of Mexico oil rig that exploded, killing 11 workers, has awarded its top executives hefty bonuses and raises, according to a recent filing with the U.S. Securities and Exchange Commission. Get the full story »

BP brings back dividend despite losses

BP PLC Tuesday resumed its corporate dividend and deepened strategic changes. But the company’s earnings came in below expectations, as BP signaled that short-term oil and gas volumes would continue to drop. Get the full story »

Oil spill boosts Grainger 4Q profit

Selling products used to help clean up oil spills enabled Chicago-based W.W. Grainger Inc. to report a double-digit sales gain and a 36 percent increase in fourth-quarter net earnings, the company said Tuesday. Get the full story »

Report skewers BP, firms in oil spill for risks

BP and its partners made a series of cost-cutting decisions that ultimately contributed to the oil spill that ravaged the Gulf of Mexico coast over the summer, the White House oil spill commission said Wednesday.

In its final report on causes of the largest offshore oil spill in U.S. history, the commission said BP and its collaborators on the doomed Macondo well had lacked a system to ensure their actions were safe. Get the full story »

Obama administration sues BP, others on Gulf spill

The Obama administration sued BP Plc and four other companies over the Gulf of Mexico oil spill Wednesday, charging violations of U.S. environmental laws, in the opening salvo in what will likely be a lengthy legal battle.

The lawsuit seeks damages from BP, Transocean Ltd, Anadarko Petroleum Corp, Mitsui & Co Ltd unit MOEX and BP’s insurer Lloyds of London for their roles in the worst offshore oil spill disaster in U.S. history. Get the full story »

BP shares hit 7-month high on new asset sales

BP shares on Tuesday jumped to their highest level in seven months after the company announced it was selling another $775 million in assets to help pay for the Gulf oil spill.

The British oil giant expects to pay nearly $40 billion to handle the spill and has aggressively raised money to meet that obligation. In addition to suspending its dividend and selling bonds, the company has sold nearly $22 billion in assets. It plans to shed up to $30 billion in company assets by the end of 2011. Get the full story »

BP challenges U.S. estimates of oil spill rate

BP is mounting a new challenge to U.S. government estimates of how much oil flowed from the runaway well deep below the Gulf of Mexico. The issue will be critical in determining the size of federal pollution fines the company will pay.

Ex-CEO says BP was unprepared for oil spill

Former BP chief Tony Hayward has acknowledged that the company was unprepared for the disastrous Gulf of Mexico oil spill and the media frenzy it spawned, and said the firm came close to financial disaster as its credit sources evaporated. Get the full story »

EPA chief: Look beyond damage oil to restore Gulf

The U.S. Gulf region must repair not only the damage from the BP oil spill but also that caused by decades of environmental abuse, Environmental Protection Agency Administrator Lisa Jackson said on Monday. Get the full story »

Toxic chemicals found deep at oil spill site

Toxic chemicals at levels high enough to kill sea animals extended deep underwater soon after the BP oil spill, U.S. researchers reported Tuesday.

They found evidence of the chemicals as deep as 3,300 feet

and as far away as 8 miles in May, and said the spread likely worsened as more oil spilled. Get the full story »

BP returns to profit despite $7.7B charge in 3Q

BP PLC raised the likely cost of the devastating Gulf of Mexico oil spill by $7.7 billion Tuesday, dragging down its third quarter net profit by more than 60 percent despite higher oil and gas prices. In an earnings update, the London-based company said it returned to profit for the first time since the April spill, though net income of $1.79 billion was still well below a year-earlier profit of $5.3 billion because of the extra charge.

Judge releases Halliburton cement to investigators

A New Orleans federal judge overseeing litigation on the Deepwater Horizon drilling disaster signed an order to release materials Halliburton used in the cementing job on BP’s blown-out Macondo well to federal investigators. Get the full story »

Halliburton shares still sliding on spill report

Halliburton Co. shares continued to slide on Friday, a day after a government panel said the oilfield service company used flawed cement on the BP well that blew out in the Gulf of Mexico, causing the worst offshore oil spill in U.S. history.

Investors worried about Halliburton’s liability sent the shares down as much as 16 percent on Thursday after the White House panel issued its report and a letter. The stock continued its slide on Friday, falling 1.4 percent.

Halliburton vigorously defended its actions in a lengthy statement issued Thursday night, saying there were significant differences between the company’s tests on the cement used in the Macondo well and the government’s tests. Get the full story »

BP, Halliburton knew of cement flaws before spill

From The New York Times | Halliburton and BP knew weeks before the blast on a rig in the Gulf of Mexico that the cement mixture they planned to use to seal the well was unstable, a commission found.