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56 min ago | Seeking Alpha
The company has only 9 billion left from the $43 billion it set aside for spill damages. BP's spill liabilities might end up higher-than-expected.
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Twenty-five years ago, the Exxon Valdez spilled 11 million gallons of oil into Alaska's Prince William Sound. Americans found themselves cleaning up another giant oil spill in the Gulf of Mexico in 2010.
BP has been charged with gross negligence with regards to the 2010 Gulf of Mexico spill, which killed 11 and spewed oil in waters that were in contact with five states. The company might have to pay up to $4,300 per wasted barrel, which sums up to be over $17 billion.
U.S. District Court Judge Carl Barbier ruled nearly two weeks ago that BP acted recklessly in the 2010 Deepwater Horizon rig accident and oil spill. Back in school, did you ever fudge the spacing on a report to meet the teacher's page-length requirement? Lawyers representing oil company BP tried something similar in a recent court filing connected to the company's 2010 drilling rig accident and oil spill in the Gulf of Mexico.
Back in school, did you ever fudge the spacing on a report to meet the teacher's page-length requirement? Lawyers representing oil company BP tried something similar in a recent court filing connected to the company's 2010 drilling rig accident and oil spill in the Gulf of Mexico. U.S. District Court Judge Carl Barbier was not amused.
A US judge's decision to slap BP with a finding of gross negligence in the Deepwater Horizon oil spill case could have a ripple effect on shipowners, maritime lawyers say. Last week's decision by District Judge Carl Barbier exposes the UK-headquartered energy giant to up to $18bn in fines for the 2010 drillship incident because, under the same US laws that cover tanker spills, civil penalties are quadrupled in cases of gross negligence compared with "ordinary negligence".
BP Plc, which already has paid more than $28 billion for the 2010 Gulf of Mexico oil spill, seeks to get a $750 million chunk of that back by convincing a Texas court that a missing comma may give the oil company access to Transocean Ltd.'s insurance policies on the Deepwater Horizon. BP filed claims with Transocean's carriers in 2010, seeking to tap a $50 million primary policy issued by Ranger Insurance and $700 million in excess coverage from Lloyd's of London and other underwriters.
BP is a great value play in the oil and gas sector, but its long-term value is clouded by ongoing legal troubles with respect to its 2010 oil spill disaster. BP was recently found to have acted grossly negligent regarding the 2010 oil spill by a U.S. District Judge.
A research team from the New Jersey Institute of Technology has estimated the total mass of oil that reached the Gulf of Mexico shore in the wake of the BP Deepwater Horizon spill , which occurred in April of 2010. The first time such an estimate has been reported, the findings will help officials determine the persistence of oil on the shore and identify potential harm to the ecosystem.
A new strategic vision document, released today by the National Academy of Sciences' Gulf Research Program, describes the long-term goals, objectives, and strategies for the program and will guide its scope of work over the next five years . In addition, the program announced that its initial, short-term activities, to be funded in 2015, will include exploratory grants, early-career research fellowships, and science policy fellowships.
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Four major liquefied natural gas projects in British Columbia are lobbying Ottawa for tax relief, arguing that it is in the national interest to launch LNG sales to Asia and reduce Canada's dependence on energy exports to the United States. The newly formed B.C. LNG Developers Alliance, representing four of the largest proponents of LNG exports from the West Coast, believes that multibillion-dollar terminals planned for northwestern British Columbia deserve to be treated as manufacturing operations to gain tax concessions.
Fears about Russian sanctions and an award of gross negligence in the Gulf of Mexico oil spill have caused the stock to significantly fall. BP's cash flow will not be materially impacted by either of these two events in the near term and the stock now offers a compelling entry point.
Updated: Wed Sep 17, 2014 03:34 am
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