Key Developments: BP PLC (BP)
43.40USD
20 May 2013
$0.44 (+1.02%)
$42.96
$43.02
$43.59
$43.00
6,092,627
6,575,029
$45.45
$36.25
Latest Key Developments (Source: Significant Developments)
Tesoro Corp Receives US Antitrust Approval To Buy BP Plc's Refinery-Reuters
Reuters reported that Tesoro Corp has received formal approval from antitrust regulators in Washington and Sacramento to buy BP Plc's refinery and other assets in southern California for more than $2 billion. Tesoro will not have to sell any of the assets anti-trust regulators said, but California officials demanded the company upgrade the refinery it was buying. Full Article
Statoil ASA Acquires 30% in Four Exploration Licenses Offshore Australia from BP-Reuters
Reuters reported that Statoil ASA has acquired a 30% equity share in four exploration licenses offshore Australia from BP. The four licenses are located in the frontier Ceduna Sub Basin within the Great Australian Bight, covering an area of more than 24,000 square kilometers. Statoil did not disclose the value of the deal. Full Article
BP Plc Puts U.S. Wind Farm Arm Up For Sale-Reuters
Reuters reported that BP Plc has put its U.S. wind farm operation up for sale. Full Article
Plains All American Pipeline LP Wins Lawsuit Against BP PLC
Plains All American Pipeline LP announced that it has recently won a victory against BP PLC when a Houston judge tossed a BP lawsuit and ordered the Company to pay all of Plains Pipeline's legal fees. Last week, the judge in Harris County 's 80 th District Court awarded $453,400 in attorneys' fees for Plains Pipeline based on arguments from attorneys John Zavitsanos and Elizabeth Pannill Fletcher from Houston 's Ahmad, Zavitsanos, Anaipakos, Alavi & Mensing, P.C. (or AZA). Two weeks ago, the judge dismissed a BP lawsuit filed in 2011 that sought to force Plains Pipeline to indemnify BP in a Louisiana trespass lawsuit. The Houston case was filed by BP due to a prior lawsuit by landowners who claimed BP trespassed on their property by using an oil pumping station on Grand Terre Island for 26 years without leasing or having any easement on the land. BP sold the pumping station to Plains Pipeline in 2006 before filing the Harris County lawsuit in an attempt to require Plains Pipeline to cover any BP losses. Full Article
BP Plc Lost Again In Arctic Deal To Exxon Mobil Corporation-Reuters
Reuters reported that BP Plc, which lost its first deal to drill for oil in Russia's Arctic to Exxon Mobil Corporation, tried to negotiate a new deal with Russian state oil company Rosneft and was again beaten to the punch by its U.S. rival. ExxonMobil won access to the Arctic Laptev Sea fields, where Rosneft's prospective reserves amount to 36 billion barrels of oil equivalent, under a deal last month, but three industry sources said BP had also been in talks with Rosneft to explore several blocks there. Full Article
Reliance Industries Ltd And BP Plc To Invest $5 Billion In Indian Gas Field-Reuters
Reuters reported that Reliance Industries Ltd and partner BP Plc plan joint investment of more than $5 billion over the next three to five years to boost declining output at a key natural gas field off India's east coast. Full Article
BP Plc Declares Quarterly Dividend
BP Plc announced a quarterly dividend of 9 cents per ordinary share, which is expected to be paid on March 2013. Full Article
BP Plc Announces Start of Production at PSVM Project Offshore Angola
BP Plc announced that production from the PSVM development area in Block 31, offshore Angola, has started. Initial production comes from three production wells in Plutao field and is expected to ramp up to around 70,000 barrels of oil per day. PSVM is expected to build towards plateau rates of 150,000 barrels of oil per day over the coming year with the additional production from Saturno and Venus fields in 2013 and Marte in 2014. The PSVM development consists of four oil fields - Plutao, Saturno, Venus and Marte - discovered in 2002-04 in water depths of up to 2,000 meters and is the second BP-operated development in Angola. Full Article
US Judge Okays BP Plc's Plea, $4 Bln Penalty In Gulf Oil Spill-Reuters
Reuters reported that A U.S. judge accepted an agreement by BP Plc to plead guilty for its role in the Deepwater Horizon disaster and pay a record $4 billion in criminal penalties for the worst offshore oil spill in U.S. history. The Company said it pleaded guilty to 11 felony counts related to workers' deaths, a felony related to obstruction of Congress and two misdemeanors. It faces five years' probation and the imposition of two monitors who will oversee its safety and ethics for the next four years. Full Article
Russia Court Dismisses $3 Billion Ruling Against BP Plc, Closes Case; Updates On TNK-BP Holding Stake Sale To NK Rosneft' OAO-DJ
Dow Jones reported that a Russian court on Thursday dismissed a $3 billion damages ruling against BP Plc and closed the case, ending months of legal strife for the U.K. company as it finalizes a deal to sell out of its joint venture (JV) in the country and take a stake in NK Rosneft' OAO. An arbitration court in the Siberian town of Omsk dismissed another court's ruling from last year ordering BP to pay just over RUB100 billion ($3.1 billion) in damages to its Russian joint venture TNK-BP. That court had ruled in July that BP caused damage to TNK-BP and the interests of its minority shareholders when it sought an alliance last year with Rosneft in the Arctic exploration deal without involving TNK-BP. The Omsk court, which was hearing BP's appeal, dismissed the case Thursday after the minority investors filed to withdraw the suit. BP and its partners are selling TNK-BP Holding to Rosneft in deals worth $55 billion after years of disagreements. BP will hold a 19.8% stake in Rosneft as part of its move to sell out of TNK-BP. The deals are expected to close in the first half of 2013. Full Article
Rosneft names new managers after former TNK-BP executives quit
MOSCOW, May 20 - Rosneft, the state-owned Russian crude producer which earlier this year bought TNK-BP, announced several senior management appointments on Monday after former TNK-BP executives decided to leave positions they had been offered.
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