Key Developments: BP PLC (BP)
42.60USD
19 Jun 2013
$-0.69 (-1.59%)
$43.29
$42.95
$43.05
$42.47
6,510,657
5,477,403
$45.45
$37.46
Latest Key Developments (Source: Significant Developments)
BP Plc, Royal Dutch Shell PLC And Statoil ASA In U.S. Lawsuit Over Alleged Oil Manipulation-DJ
Dow Jones reported that according to the Financial Times report BP PLC , Royal Dutch Shell PLC and Statoil ASA have been named in the first lawsuit to be filed following a European Commission antitrust investigation into alleged manipulation of oil prices and benchmarks. The oil majors were named as defendants in a class action filed in New York by Prime International Trading, a Chicago-based commodity trading house, which is also claiming damages against unknown defendants, the newspaper said. Prime International alleges that the defendants intentionally manipulated and conspired to fix the price of Brent Crude oil, the global benchmark, and the price of future contracts, the FT said. Full Article
Fitch Revises BP Plc's Outlook To Stable; IDR Affirmed At 'A'-Reuters
Reuters reported that Fitch Ratings has revised the outlook on BP Plc's Long-term Issuer Default Rating (IDR) to Stable from Positive. Fitch is revising the outlook on BP's Long-term IDR to Stable from Positive because it believes that the likelihood the company will be able to settle all outstanding financial claims, beyond current provisions, for less than the additional USD15 billion it indicated as being necessary for an upgrade in the short term has significantly diminished since revising the outlook to positive in July 2012. Full Article
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
New indictments for ex-BP executive, engineer over Gulf spill
- Federal prosecutors unveiled new criminal indictments on Wednesday against a former BP Plc executive and a former BP engineer charged with obstructing investigations into the April 2010 Gulf of Mexico oil spill.
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
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.
