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January 29, 2013
breakingnews:

BP to pay record $4 billion in damages for role in oil spill disaster
AP: BP will pay an unprecedented $4 billion in criminal penalties and plead guilty to manslaughter and other charges for its role in the 2010 Gulf of Mexico oil spill disaster.A US judge approved the agreement Tuesday. BP is pleading guilty to charges relating to the 11 workers’ deaths and for lying to Congress about the scale of the spill.BP could pay billions more once the US federal government resolves its civil claims against the company.
Photo: Sean Gardner/Reuters

So now we’ve got a slightly clearer impression of the terms of BP’s settlement over the Deepwater Horizon disaster – the company, in addition to the payout, will accept a guilty plea on manslaughter charges, accepting responsibility for the deaths of those 11 rig workers during the initial explosion.

breakingnews:

BP to pay record $4 billion in damages for role in oil spill disaster

AP: BP will pay an unprecedented $4 billion in criminal penalties and plead guilty to manslaughter and other charges for its role in the 2010 Gulf of Mexico oil spill disaster.

A US judge approved the agreement Tuesday. BP is pleading guilty to charges relating to the 11 workers’ deaths and for lying to Congress about the scale of the spill.

BP could pay billions more once the US federal government resolves its civil claims against the company.

Photo: Sean Gardner/Reuters

So now we’ve got a slightly clearer impression of the terms of BP’s settlement over the Deepwater Horizon disaster – the company, in addition to the payout, will accept a guilty plea on manslaughter charges, accepting responsibility for the deaths of those 11 rig workers during the initial explosion.

19:08 // 1 year ago
December 22, 2012

BP reaches settlement over Deepwater Horizon

  • $7.8B the settlement to be paid by BP, to individuals and businesses hurt by the Deepwater Horizon oil rig explosion, and the consequent leaking of nearly 5 million barrels of oil into the Gulf of Mexico. source
16:26 // 1 year ago
November 15, 2012
reuters:

Two BP Plc employees face criminal indictments for their part in the 2010 Deepwater Horizon disaster, and charges could be unveiled as early as Thursday, a source told Reuters on condition of anonymity.
London-based BP is expected to pay a record U.S. criminal penalty and plead guilty to criminal misconduct in the explosion and sinking of the Deepwater Horizon platform in the Gulf of Mexico, which caused the worst offshore oil spill in the country’s history, according to sources familiar with the matter.
The sources told Reuters that a plea deal with the Justice Department over the 2010 disaster, in which 11 workers died, may be announced as soon as Thursday.
READ ON: BP workers face criminal charges from 2010 spill - source

Will be interesting to see if anyone goes to jail over this.

reuters:

Two BP Plc employees face criminal indictments for their part in the 2010 Deepwater Horizon disaster, and charges could be unveiled as early as Thursday, a source told Reuters on condition of anonymity.

London-based BP is expected to pay a record U.S. criminal penalty and plead guilty to criminal misconduct in the explosion and sinking of the Deepwater Horizon platform in the Gulf of Mexico, which caused the worst offshore oil spill in the country’s history, according to sources familiar with the matter.

The sources told Reuters that a plea deal with the Justice Department over the 2010 disaster, in which 11 workers died, may be announced as soon as Thursday.

READ ON: BP workers face criminal charges from 2010 spill - source

Will be interesting to see if anyone goes to jail over this.

11:03 // 1 year ago
September 3, 2012
I have been lucky. Having the opportunity to do something like this is fantastic. It is fair to say I wanted to recover some of my self-esteem.
Tony Hayward, former CEO of BP • In a New York Times profile, examining the daily life of the former BP executive, just over two years after he famously lamented his loss of life. Hayward now finds himself at the helm of Genel Energy, a drastically smaller oil company (currently worth about $3 billion on London’s stock market), and he hopes to redeem his image globally. source (viafollow)
19:59 // 1 year ago
March 3, 2012

BP reaches massive settlement with Gulf of Mexico investors

  • $7.8B will be paid by BP to thousands affected by the Gulf of Mexico oil spill that occurred in April 2010; the settlement doesn’t bring an end to the oil company’s legal troubles
  • $2.3B of the total settlement will go to the Gulf seafood industry alone; the company also faces separate spill-related legal actions from the governments of Louisiana and Alabama
  • $17B in additional fines could come as the result of a settlement with the US government over civilian fines resulting from the wide-reaching spill, if BP is found guilty of gross negligence source

» But are the fines enough to teach BP a lesson? Some say no, including shrimp producer Dean Blanchard, who told The Guardian, “I want my day in court. If they can get off with just paying the money — well, they’ve got plenty of money, they are not really going to learn a lesson.” In addition to the settlement, BP announced that it would use the remainder of the $20 billion compensation fund it raised during the summer of 2010 to settle additional complaints from residents and businesses in the region. In a statement released late Friday night, BP chief executive Bob Dudley said, “the proposed settlement represents significant progress toward resolving issues from the Deepwater Horizon accident and contributing further to economic and environmental restoration efforts along the Gulf Coast.”

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11:15 // 2 years ago
April 20, 2011
11:20 // 3 years ago
March 23, 2011

Probe: Blame design flaws, not just BP, for Gulf Oil Spill

Hey, let’s not forget about this: A report compiled by risk management firm Det Norske Veritas on last year’s oil spill in the Gulf came out today. (They were hired by the federal government, not BP, by the way.) They claim that design flaws scuttled the blowout preventer; as the well lost control, the drill pipe bent and buckled, which blocked the shear rams. Shear rams are the means by which the blowout is supposed to be prevented, as they’d cut through the drill pipe to safeguard against the well’s pressure level. Sadly, these sort of industrial fail-safe systems don’t always work as well in reality as in theory. source

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16:08 // 3 years ago
February 7, 2011

The downside of placing a moratorium on deepwater drilling

  • 8,000 jobs lost due to recent oil drilling restrictions source
22:33 // 3 years ago
December 26, 2010
Kevin Costner, Stephen Baldwin fight over BP oil spill: Remember how Kevin Costner somehow came up with a way to separate oil from water? Seems one of the Baldwin brothers was also involved. Now Stephen’s suing. source Follow ShortFormBlog

Kevin Costner, Stephen Baldwin fight over BP oil spill: Remember how Kevin Costner somehow came up with a way to separate oil from water? Seems one of the Baldwin brothers was also involved. Now Stephen’s suing. source

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12:35 // 3 years ago
November 2, 2010

BP somehow posts profit, despite massive Gulf Oil Spill cost

  • $40
    bilion
    the amount BP has set aside for paying for this oil spill (over two separate quarters) – bigger than many countries’ GDP
  • $1.79
    billion
    the company’s profit third-quarter profit, despite a $7.7 billion spill-related charge – it’s insanely impressive they have one at all source
10:29 // 3 years ago