Analyst Research

Report Title Price
Provider : Stock Traders Daily
$20.00
Provider : GlobalData
$125.00
Provider : ValuEngine, Inc.
$49.00
Provider : ValuEngine, Inc.
$25.00

NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

BP Plc's Well Control Executive Says He Was Unprepared For U.S. Gulf Blowout-Reuters


Wednesday, 2 Oct 2013 06:45pm EDT 

Reuters reported that BP Plc's manager in charge of controlling the Macondo blowout in fiscal 2010 was never trained to permanently plug a ruptured oil well and said in court on October 02, 2013 the British company was not fully prepared for the worst offshore oil spill in U.S. history. The U.S. District Court trial could lead to fines of more than $17 billion. BP lawyer Mike Brock sought to show the Company was as well-prepared for the leak as any other firm. He also emphasized that equipment needed to cap the well was not readily available in the industry at the time. The plugging approach that eventually worked after millions of barrels of oil leaked over 87 days, a capping stack, took weeks to build. capping stacks have since become crucial pieces of equipment standing by for emergencies in the gulf as the government has tightened safety and environmental standards. The Company's lawyers also sought to reject a central argument made by plaintiffs - which include the U.S. government, Gulf states and former contractors Transocean and Halliburton Co - that BP's estimates of the size of the leak were unsubstantiated and complicated efforts to control the well. Asked if BP was prepared, Lars Herbst, a top regulator for the Gulf, said he believed the Company was prepared to initially respond to the blowout and later on technology and procedures were developed to address that situation. 

Company Quote

387.0
-4.45 -1.14%
4 Aug 2015