Visit our Filed page for categories. To browse by specific topic, see our Inside page. For a list of companies covered on this site, visit our Companies page.
BP Plc is expected to announce in the next 24 hours that Chief Executive Tony Hayward will step down and be replaced by Bob Dudley, a soft-spoken American unlikely to repeat the gaffes that have come to define Hayward in many Americans’ minds.
Dudley heads BP’s oil spill response effort. Just over a week ago, BP installed a temporary cap on the Macondo well, which had been spewing up to 60,000 barrels per day of oil into the Gulf of Mexico since April. Get the full story »
BP finally gained control over one of America’s biggest environmental catastrophes by placing a carefully fitted cap over a runaway geyser that has been gushing crude into the Gulf of Mexico since early spring. Engineers, politicians and Gulf residents will watch anxiously over the next day and a half to see if it holds.
After nearly three months and up to 184 million gallons, the accomplishment was greeted with hope, high expectations — and, in many cases along the beleaguered coastline, disbelief. But no one was declaring victory just yet.
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 »
A new cap that BP says could stop the flow of oil into the gulf. (BP/Getty Images)
BP shares continued a five-day rally Monday as the company gets closer to containing the Gulf oil spill.
The British oil giant also said it is in talks on the sale of company assets.
BP shares added $2.46, about 7.2 percent, at $36.51 in afternoon trading on the New York Stock Exchange. The stock has jumped 35 percent since bottoming out June 25.
Investors are returning to BP as the company plans to fasten a new cap that could contain the oil leaking into the sea. Analysts also said investors are heartened by reports that BP is in talks to raise money by selling some of its assets. Get the full story »
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’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.
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 »
The Federal Reserve Bank of New York has been probing major financial firms’ exposure to BP Plc to ensure that if the oil giant buckles under the costs of the Gulf oil spill, it won’t put Wall Street or the global financial system at risk, according to two sources familiar with the matter.
After pouring over documents and asking banks in the last two weeks about their exposure to BP the Fed found no systemic risk and hasn’t asked firms to alter their credit relationships with BP, the sources told Reuters.
“The Fed gave banks’ exposure to BP a passing grade,” said one of the sources on condition of anonymity. Get the full story »
BP was forced to defend its chief executive on Monday after Russia’s deputy PM said he expected Tony Hayward to resign soon, while a tropical storm threatened oil spill cleanup efforts in the Gulf of Mexico.
BP said Hayward remained CEO and no change was under discussion after Igor Sechin said he expected Hayward to resign and that Russian officials would be told the name of his successor in Moscow on Monday. Get the full story »
BP said Monday it has spent about $2.65 billion responding to the massive oil disaster in the Gulf of Mexico. The price tag includes “the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid, and federal costs,” the company said on its website.
BP shares fell more than 5 percent in New York on Friday to a 14-year low as the costs rise for containing the oil spill in the Gulf of Mexico.
If the decline holds, BP will have lost more than $100 billion in market value since a rig it operated exploded and sank in the Gulf two months ago. Get the full story »
The Gulf oil spill is forcing the removal of oysters from Red Lobster’s menu.
A Franklin, La., processing plant that provided Darden Restaurants with oysters for its Red Lobster chain shut down last week because it was unable to maintain its supply. AmeriPure Processing Co.’s co-owner and founder said the closure could last through October. Get the full story »
BP removed Chief Executive Tony Hayward from day-to-day oversight of the Gulf oil spill crisis a day after he was pummeled by lawmakers in an appearance on Capitol Hill, the company’s chairman said Friday.
Carl-Henric Svanberg told Britain’s Sky News television that Hayward “is now handing over the operations, the daily operations to [BP Managing Director] Bob Dudley,” overshadowing news that after many setbacks BP was finally making real progress in siponing and burning off oil from the underwater gusher. Get the full story »
