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Latest Key Developments (Source: Significant Developments)

BP Fair Fund says opening of claims process for certain BP investors
Tuesday, 17 May 2016 10:59am EDT 

BP Fair Fund: Announces opening of claims process for BP Fair Fund; claims relate to information relating to previous deepwater horizon explosion in Gulf of Mexico .Will compensate investors who suffered harm due to purchase BP ADS through U.S. Securities Exchange between April 26, 2010- May 26, 2010 and who satisfy conditions of plan.  Full Article

BP says doubles its interest in North Sea Culzean field development
Monday, 16 May 2016 02:32am EDT 

BP Plc : Doubled its interest in culzean development in UK central north sea, following its acquisition of an additional 16% interest from JX Nippon. . Acquisition increases BP's interest in development from 16% to 32%. . Production is expected to start in 2019 and continue into 2030s, with plateau production of 60,000-90,000 barrels of oil equivalent per day. Further company coverage: [BP.L] ((Bengaluru Newsroom: +91 806 749 1136;)).  Full Article

BP Plc - US judge OKs $20B settlement from 2010 BP oil spill BP.L - Associated Press
Monday, 4 Apr 2016 07:47pm EDT 

BP Plc:A federal judge in New Orleans granted final approval Monday to an estimated $20 billion settlement over the 2010 BP oil spill in the Gulf of Mexico, resolving years of litigation over the worst offshore spill in the nation's history - AP.The settlement, first announced in July, includes $5.5 billion in civil Clean Water Act penalties and billions more to cover environmental damage and other claims by the five Gulf states and local governments. The money is to be paid out over roughly 16 years.The U.S. Justice Department has estimated that the settlement will cost the oil giant as much as $20.8 billion, the largest environmental settlement in U.S. history as well as the largest-ever civil settlement with a single entity.U.S District Judge Carl Barbier, who approved the settlement, had set the stage with an earlier ruling that BP had been "grossly negligent" in the offshore rig explosion that killed 11 workers and caused a 134-million-gallon spill.In 2012, BP reached a similar settlement agreement with private attorneys for businesses and residents who claim the spill cost them money.That deal, which didn't have a cap, led to a protracted court battle over subsequent payouts to businesses. A court-supervised claims administrator is still processing many of these claims.BP has estimated its costs related to the spill, including its initial cleanup work and the various settlements and criminal and civil penalties, will exceed $53 billion.  Full Article

BP Plc reveals plans for more job cuts in Alaska - AP
Tuesday, 15 Mar 2016 02:16pm EDT 

BP Plc:BP says it is planning to further reduce its workforce in Alaska as the state continues to struggle with low oil prices - AP.Dawn Patience, a spokeswoman for the oil company, told Anchorage news station KTUU-TV on Monday that about 4 percent of the company's workforce will be cut.Patience did not specify the exact number of positions. A 4 percent cut would be about 84 positions.Most of the affected positions are based in Anchorage. The announcement comes after BP revealed plans last week to reduce the active rig count at Prudhoe Bay on Alaska's North Slope from five to two.It also follows the company's January announcement that it would reduce its Alaska workforce by 13 percent, or about 270 jobs. Patience says the latest layoffs will take effect later this year.BP says it is planning to further reduce its workforce in Alaska as the state continues to struggle with low oil prices. Dawn Patience, a spokeswoman for the oil company, told Anchorage news station KTUU-TV on Monday that about 4 percent of the company's workforce, will be cut.Most of the affected positions are based in Anchorage. The layoffs will take effect sometime in mid-2016, Patience said. Patience could not say an exact number of how many jobs could be lost but a 4 percent cut could be as many as 84 jobs.  Full Article

BP to cut jobs at upstream and downstream segments
Tuesday, 2 Feb 2016 02:15am EST 

BP Plc:Lower underlying result was predominantly driven by impact of steeply lower oil and gas prices on BP's upstream segment​.Brent crude oil marker price averaged $44 a barrel in 4Q 2015 compared with $77 a year earlier​.Completed $10 billion divestment programme announced in October 2013 and plans a further $3-5 billion during 2016​.Sees annual organic capital expenditure to remain between $17 and $19 billion in 2016 and 2017 and to be at lower end of that range in 2016​.BP has taken around $1.5 billion in restructuring charges over past five quarters; this total is expected to approach $2.5 billion by end of 2016​.Expects to reduce number of staff and contractor roles in Upstream segment by around 4,000 during 2016​.Expects to reduce number of staff and contractor roles by up to 3,000 from Downstream by end of 2017​.Q4 average henry hub US gas marker price was $2.27 per million british thermal units compared with $4.04 in 4Q 2014​.BP CFO says should current conditions persist for longer than seen, expect that actions taken will capture more deflation.BP CFO says actions taken will ‍drive point at which we balance organic sources and uses of cash lower than $60 per barrel indicated at last quarter's results​.  Full Article

BP Plc announces dividend for the quarter
Tuesday, 2 Feb 2016 02:00am EST 

BP Plc:Announces dividend of 10 cents per ordinary share for the quarter, payable in March.  Full Article

BP Plc to slash thousands more jobs in face of oil downturn - Reuters
Tuesday, 12 Jan 2016 02:27am EST 

BP Plc:BP announced plans on Tuesday to slash 5 percent of its global workforce in the face of a continued slump in oil prices.It said it aims to reduce its global oil production, or upstream, headcount by 4,000 to 20,000 as it undergoes a $3.5 billion restructuring programme. BP said its headcount totalled around 80,000 at the end of 2015.In the North Sea, he said BP planned to reduce headcount by 600 people over the next two years with most cuts likely in 2016.  Full Article

BP Plc - Marathon Petroleum Corp Galveston Bay worker burned as overhaul starts -source - Reuters
Sunday, 3 Jan 2016 07:04pm EST 

BP Plc:A worker at Marathon Petroleum Corp's Galveston Bay Refinery in Texas City, Texas, was burned by hydrofluoric acid on Saturday while working on an alkylation unit, - RTRS.which was shut as part of a planned three-month, multi-unit overhaul, a source familiar with plant operations said on Sunday - RTRS.The worker was taken to an area hospital "as a precautionary measure," Marathon spokesman Brandon Daniels said. He provided no details about the incident. - RTRS.The 31,500 barrel per day (bpd) HF Alkylation Unit 3 is one of several units shut for the overhaul at the 451,000 bpd refinery that includes the 120,000 bpd gasoline-producing Fluidic Catalytic Cracking Unit 3, the largest of two FCCUs at the plant - RTRS.FCCU 3 was shut on Tuesday - RTRS.HF alkylation units produce high-octane gasoline components from refining by-products in a catalyst made from the acid. In addition to being corrosive to skin and eyes, hydrofluoric acid can cause fatal damage to the respiratory system - RTRS.The refinery, while under the ownership of BP Plc BP.L, was the site of the deadliest refinery accident in the past decade when 15 workers were killed in a March 23, 2005 explosion that injured 180 people - RTRS.  Full Article

BP Plc - North Sea storm forces oil platform evacuations, output shutdown - Reuters
Thursday, 31 Dec 2015 02:08am EST 

BP Plc:A fierce storm in the North Sea forced oil firms to evacuate platforms and shut down production on Thursday on concerns that they could be hit by a drifting barge that had broken its anchor - RTRS.The strong winds had ripped the barge from its moorings and sent it towards BP's Valhall platform, which lies in the middle of the North Sea between Norway and Britain - RTRS.This prompted the oil and gas company to shut down output and evacuate dozens of staff on board. ConocoPhillips also stopped production and removed crew from installations in the same area.A spokeswoman for the Rescue Coordination Centre for southern Norway told Reuters the barge eventually missed the BP platform by some two kilometres.A spokesman at the Rescue Coordination Centre for southern Norway earlier told Reuters that rescue boats had been trying to establish a new towing line on the barge amid difficult sea conditions, with waves of up to 15 metres in height.  Full Article

BP Plc faces Mexican class action lawsuit over deepwater horizon oil spill - The Guardian - Reuters
Friday, 11 Dec 2015 11:38am EST 

BP Plc:BP is facing another potentially huge compensation bill from the Deepwater Horizon oil spill after a class action law suit was launched in Mexico for the environmental catastrophe caused in its territory by the fatal disaster - The Guardian.BP now faces calls to pay for the clean-up in Mexican waters and compensate for the irreparable damage caused to marine life by the oil itself, and the toxic dispersant chemical subsequently used to solidify and sink the oil droplets - The Guardian.The Deepwater Horizon oil rig exploded on the evening of 20 April 2010 after gas seeped into the well that the rig was drilling, killing 11 crew members and injuring 17 others. - The Guardian.The oil reached Mexican shores on 30 April. - The Guardian.Hundreds of communities which rely on fishing and tourism in the worst-affected states of Tamaulipas, Veracruz, Tabasco, Campeche, Yucatán and Quintana Roo have seen their livelihoods plummet. The damage is ongoing, according to the claim - The Guardian.This case is brought by Sinaloa Class Actions – a non-governmental organisation (NGO) composed of lawyers specialising in environmental disasters - The Guardian.It launched the legal challenge against four BP subsidiaries – two headquartered in Texas, two in Mexico – at a federal court in Mexico City on Monday. - The Guardian.The law permits class actions to be brought by NGOs in cases of serious rights violations, such as in environmental disaster - The Guardian.  Full Article


BP sells U.S. crude oil to Thailand, Australia for first time: sources

SINGAPORE BP plans to ship 1 million barrels of U.S. crude to Thailand and Australia for the first time, three trade sources said on Wednesday, as the company steps up American oil exports to meet demand in the Asia-Pacific region.