July 31 BP Plc delivered the worst of a
poor set of quarterly results among top oil companies on
Tuesday, slashing $5 billion off the value of U.S. assets and
undershooting expectations with its operating result.
Here is a look at BP since the explosion at its Deepwater
Horizon rig in the Gulf of Mexico:
April 20, 2010 - Explosion and fire on BP's Deepwater
Horizon drilling rig kills 11 workers. The rig, owned by
Transocean Ltd and licensed to BP, was drilling 68 km
(42 miles) southeast of Venice, Louisiana, in 5,000 feet (1,525
metres) of water. The well had reached 13,000 feet under the
April 22 - The rig, valued at more than $560 million, sinks
and an 8 km (5-mile) oil slick forms.
June 16, 2010 - Chief executive Tony Hayward and BP Chairman
Carl-Henric Svanberg meet White House officials and announce a
deal to set up a $20 billion fund for damage claims from the
spill. BP also suspends dividend payments to shareholders; says
it will pay $100 million to workers idled by the six-month
offshore drilling moratorium.
July 20, 2010 - BP says it has reached a deal to sell $7
billion in assets to Apache Corp as it raises money to
cover costs related to the spill. It later says it plans to sell
assets worth up to $30 billion over 18 months.
July 27, 2010 - BP names Robert Dudley as its next CEO.
Sept. 19, 2010 - With a final shot of cement, BP permanently
"kills" the leaking well.
Sept. 23, 2010 - Researchers put the spill at around 4.4
million barrels. The figure comes from the first independent
study of the disaster.
Jan. 5, 2011 - BP and its partners made a series of
cost-cutting decisions that ultimately contributed to an oil
spill, the White House oil spill commission says in a report on
the causes of the largest offshore oil spill in U.S. history.
April 21, 2011 - BP sues Transocean, suppliers Halliburton
Co Co and Cameron International for $42 billion
in 2010 oil spill clean up costs.
May 28, 2012 - Mikhail Fridman, a partner of BP in Russia's
third-largest oil company TNK-BP, resigns as CEO. BP
established its $7 billion Russian joint venture, TNK-BP in
July 24, 2012 - Russian state oil company Rosneft
throws its hat into the ring to buy a 50 percent stake in
TNK-BP, as the British major and its oligarch partners head for
divorce. The unwinding of the partnership could see several
scenarios which analysts say could involve either BP or the AAR
quartet of oligarchs - Mikhail Fridman, German Khan, Viktor
Vekselberg and Len Blavatnik - selling their stake. On July 30
the oligarchs block a $1 billion dividend from the Russian oil
July 31, 2012 - BP takes an extra $847 million provision for
the Gulf oil spill, bringing the total set aside to $38 billion.
The resulting costs of the spill and a row with its Russian
partners tips BP into a loss for the quarter of $1.4 billion.