April 13, 2011 |
The oil spill that was once expected to bring economic ruin to the Gulf Coast appears to have delivered something entirely different: a gusher of money. So many people cashed in that they earned nicknames: "spillionaires" or "BP rich. " Others hurt by the spill wound up getting comparatively little. Many people who got money deserved it. But in the end, BP's attempt to make things right — spending more than $16 billion so far, mostly on damage claims and cleanup — created new divisions and even...
March 6, 2012 |
BP paid out $1.1 million worth of shares on Feb. 15 to former chief executive Tony Hayward under a three-year incentive plan, even though Hayward resigned in the wake of the massive Gulf of Mexico oil spill in 2010. Hayward also earned $194,973 in fees in 2011 as a director of BP's TNK-BP joint venture in Russia, according to the company's annual report released Tuesday. The company's stock price is down more than 20 percent since the spill. The London-based oil giant gave...
June 25, 2012 |
The 2010 BP oil spill accelerated the loss of Louisiana's delicate marshlands, which were already rapidly disappearing before the largest oil spill in U.S. history , a new study reports. As the oil washed into the marshlands, it coated and smothered thick grasses at their edge. When the grass died, deep roots that held the soil together also died, leaving the shore banks of the marshlands to crumble, said Brian Silliman , the University of Florida researcher who led the new study.
July 10, 2012 |
PORT ARTHUR, Tex. — The National Transportation Safety Board blamed multiple corrosion cracks and "pervasive organizational failures" at the Calgary-based Enbridge pipeline company for a more-than-20,000-barrel oil spill two years ago near Michigan's Kalamazoo River. The cost of the spill has reached $800 million and is rising, the NTSB said, making the pipeline rupture the most expensive on-shore oil spill in U.S. history. The pipeline's contents — heavy crude oil from Canada's oil...
December 16, 2011 |
Cameron International, the maker of the blowout preventer that failed to stop the massive oil spill in the Gulf of Mexico last year, has agreed to pay $250 million to BP, which says it will put the money into the $20 billion escrow fund to settle claims related to the disaster. Cameron said its insurers would pay $170 million of the $250 million sum. BP would indemnify Cameron from claims related to the Oil Pollution Act and environmental damage, but not against fines, penalties or certain...
June 22, 2011 |
Transocean, owner and operator of the drilling rig that caught fire and sank in the Gulf of Mexico last year, has concluded that the oil well's owner, BP, was primarily responsible for the massive spill triggered by the blast. In a report issued Wednesday after an internal investigation, Transocean said BP used a "faulty" well design, failed to check the integrity of cement used to seal the well and chose a plan for temporarily abandoning the well that "created unnecessary risk.