February 19, 2013 |
BP has won an agreement from the Justice Department that there will be no penalties on the barrels of crude oil the company was able to recapture during the 2010 Gulf of Mexico spill, effectively cutting the company's potential Clean Water Act fines by as much as $900 million, or even up to $3.5 billion. The volume of oil spilled into the Gulf of Mexico has been a matter of intense dispute, hinging on estimates of flow rates. The government has asserted that the blowout on the Macondo exploration well, which killed 11 people and...
October 3, 2013 |
BP has been complaining for most of the past year that its fund for compensating economic victims of the 2010 Gulf of Mexico oil spill was out of control, and that a New Orleans court official was approving payments to people who had not been affected at all by the disaster. On Wednesday night, an appeals court agreed in a ruling that could help cap the gusher of payments under one portion of BP's multi-front legal effort to put the spill behind it. The company's stock rose Thursday in response...
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.
March 3, 2012 |
BP's settlement deal Friday night puts the oil company one giant step closer to containing the gusher of damage claims that arose from the massive Gulf of Mexico oil spill. But BP still faces one major hurdle: the federal government. The settlement with private plaintiffs , which BP estimates will cost $7.8 billion, will resolve more than 100,000 individual and business claims — from shrimpers to vacation condo owners — through a court-supervised process that will last at least until April...
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 current...
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...