Connect to share and comment

BP to establish U.S. shale assets as separate unit

By Sarah Young and Dmitry Zhdannikov LONDON (Reuters) - British oil company BP plans to separate its onshore U.S. oil and gas assets into a new wholly-owned business to improve the competitiveness of its shale gas portfolio there. A number of big oil companies, including rival European operators Shell and BG, have struggled after making big investments in U.S. shale which have left them exposed to depressed gas prices, dragging on their profits.

U.S. court rejects BP appeal over Gulf spill losses

By Jonathan Stempel (Reuters) - A divided U.S. appeals court on Monday rejected BP Plc's bid to block businesses from recovering money over the 2010 Gulf of Mexico oil spill, even if they could not trace their economic losses to the disaster. By a 2-1 vote, the 5th U.S. Circuit Court of Appeals in New Orleans upheld a December 24 ruling by U.S. District Judge Carl Barbier in New Orleans, authorizing the payments on so-called business economic loss claims. It also said an injunction preventing payments should be lifted.

U.S. court rejects BP appeal over Gulf spill losses

By Jonathan Stempel (Reuters) - A divided U.S. appeals court on Monday rejected BP Plc's <BP.L> bid to block businesses from recovering money over the 2010 Gulf of Mexico oil spill, even if they could not trace their economic losses to the disaster.

Federal judge won't force investigator to give BP documents in oil spill claims probe

NEW ORLEANS - BP is not entitled to see confidential documents used by a court-appointed investigator who has alleged that some attorneys acted improperly in the claims process arising from the 2010 Gulf oil spill, a federal judge ruled Friday.

BP loses bid to block seafood fund payments

By Jessica Dye (Reuters) - A U.S. federal judge on Wednesday denied BP Plc's <BP.L> request to halt payments from the $2.3 billion fund it has created to compensate commercial fishermen for financial losses claimed after the British company's 2010 offshore oil spill, according to court records.

Judge won't block new round of BP seafood payments amid fraud allegations against Texas lawyer

NEW ORLEANS - A federal judge refused Wednesday to halt payments from a BP fund to compensate deckhands and other seafood workers harmed financially by the 2010 Gulf oil spill, turning back arguments by the oil giant that the payment process was tainted by a Texas lawyer's alleged fraud. BP argues the $2.3 billion it agreed to put into the oil spill seafood compensation fund was inflated, based on the belief that attorney Mikal Watts represented more than 40,000 clients.

Anadarko Petroleum selling its Chinese unit to China's Brightoil Petroleum for $1.08 billion

HOUSTON - Oil and gas company Anadarko Petroleum Corp. is selling its Chinese subsidiary for about $1.08 billion as it focuses more in North America. Chinese energy company Brightoil Petroleum (Holdings) Ltd. is buying the unit, which owns Anadarko's stake in the Bohai Bay field off the coast of China. Anadarko is shedding some international assets. It said last year that it was selling part of its stake in a property off of Mozambique for $2.64 billion. But Anadarko has expanded its ownership in the Gulf of Mexico and boosted its U.S. capacity.

Appeals court action clears way for medical claims in 2010 BP spill

NEW ORLEANS - 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 Tuesday 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.

BP Q4 profits dragged down by divestment program and continuing costs of Gulf of Mexico spill

LONDON - BP PLC's fourth-quarter profits fell 30 per cent as the asset sales that it has pursued to compensate victims of the Gulf of Mexico oil disaster reduced production.

BP net profits double in 2013 on Rosneft boost

BP's net profit more than doubled last year, boosted by a stake in Russian oil giant Rosneft, but the British energy major faltered in the fourth quarter, it said on Tuesday. Earnings after tax jumped to $23.45 billion (17.33 billion euros) last year. That compared with $11.01 billion in 2012 when performance was skewed by huge fines arising from the 2010 US oil spill catastrophe, BP said in a results statement.
Syndicate content