BP slumps to a loss as Russian arm struggles October 28, 2014 UK OIL company BP yesterday reported a loss of $335m (£207m) during the third quarter of 2014, down from a $1bn profit in the same period of last year. The firm’s Rosneft business in Russia took a major hit, with profit plunging to $107m, compared with $792m. BP said that this result was “principally affected [...]
BP share price rises as earnings beat expecations, despite falling 18 per cent October 28, 2014 Shares in oil giant BP opened 1.9 per cent higher this morning as it reported above-expectation revenues, despite a fall in both oil production and earnings as outside pressures weighed on results. A combination of ongoing legal proceedings in the US, Russian sanctions and falling oil prices affected the figures. On the whole, these effects [...]
BP goes on the front foot in US court battle October 5, 2014 OIL FIRM BP is to go on the offensive against a court ruling that it had been “grossly negligent” and “reckless” in the 2010 Gulf of Mexico oil spill case. BP has applied to the Eastern District of Louisiana court for either a new trial or a revised judgment. The oil giant has alleged that [...]
BP and Shell still contenders for major oil deals in Persian Gulf September 29, 2014 BP and Shell have confirmed that they are both in the running to renew contracts for major oil deals in the Persian Gulf. Both companies have been operating in the region for decades in connection with the Abu Dhabi Company for Onshore Oil Operations (ADNOC). However their 75-year old onshore oil field concession agreements expired [...]
Scottish independence: Oil giant BP backs the Union September 10, 2014 BP has become the latest FTSE 100 company to nail its colours to the mast and argue for a No vote in Scotland's independence referendum on September 18. BP's declaration comes shortly after Sir Ian Wood, the former chief executive of Wood Group, warned voters they were being misled by wildly inaccurate forecasts about Scotland's [...]
BP share price falls as UK intervenes in legal battle over oil spill payouts September 8, 2014 BP's share price fell to 462p this morning, despite news the UK government is planning to intervene in the US' attempt to order huge payouts for the Gulf of Mexico oil spill. In a filing with the US Supreme Court, the government said BP had “gone to great lengths to restore the Gulf Coast”, [...]
Shares slide after US judge blames BP and paves way for £11bn fines September 4, 2014 OIL GIANT BP has been described by a US judge as “grossly negligent” for its role in the oil spill in the Gulf of Mexico four years ago, in a ruling that could add $18bn (£11bn) in fines to the more than $42bn in charges taken so far for the worst offshore disaster in US [...]
London Report: Draghi decision helps FTSE rise but BP tanks September 4, 2014 BRITAIN’S top shares rose yesterday after the European Central Bank cut interest rates and announced plans to buy assets in a bid to shore up Eurozone inflation. However, steep falls in BP capped gains. BP shares fell 5.9 per cent to 455p, suffering their biggest one-day percentage drop since June 2010, after a judge in [...]
BP share price plummets as judge raises Deepwater Horizon fine to $18bn September 4, 2014 BP's share price dived more than five per cent in late afternoon trading, after a US district court ruling made it liable for a fine of up to $18bn (£11bn) in relation to the Gulf of Mexico disaster in 2010. The court found BP acted with "gross negligence" and "wilful misconduct" when the Deepwater Horizon [...]
Bank of England’s Spencer Dale heads to BP after 25-year stint August 4, 2014 The Bank of England announced yesterday that Spencer Dale, the Bank’s financial stability chief and former chief economist, will step down from the central bank after a quarter of a century to become chief economist at oil giant BP. Dale, who has worked at the Bank in a variety of roles since finishing university in [...]