Key Developments: BP PLC (BP_pb.L)

BP_pb.L on London Stock Exchange

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3 Mar 2015
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Latest Key Developments (Source: Significant Developments)

Ohio attorney general sues BP Plc for more than $33 mln in cleanup of leaking storage tanks - AP
Sunday, 1 Mar 2015 07:00pm EST 

BP Plc:Ohio is suing BP for more than $33 mln, alleging it double dipped by taking state funds and money from insurers to clean up accidental leaks from underground storage tanks at hundreds of its gas stations around the state - The Associated Press.The state’s attorney general and the Ohio Petroleum Underground Storage Tank Release Compensation Board filed the lawsuit on March 2.The board administers a fund used as a last resort when tank owners lack coverage or don’t accept insurance money.The lawsuit alleges BP wrongfully obtained $33.3 mln in reimbursements from the fund, saying it had no insurance for the leaks when it often accepted insurance money for the same releases.  Full Article

BP Plc appeals U.S. judge's ruling on size of Gulf oil spill - Reuters
Monday, 23 Feb 2015 06:58pm EST 

BP Plc:Appealed a federal judge's finding of the size of the 2010 Gulf of Mexico oil spill, which leaves the company potentially liable to pay $13.7 bln in fines - Reuters.In January, U.S. District Judge Carl Barbier in New Orleans ruled that 3.19 mln barrels of oil had spilled into the Gulf as a result of the disaster.The appeal comes days after Barbier rejected the company's attempt to reduce the maximum civil fine it could face for its role in the disaster.That decision could result in a $13.7 bln fine for the company under the federal Clean Water Act.BP had argued for a maximum fine of $3,000 per barrel, while Barbier agreed with the federal government in setting the figure at $4,300 per barrel.  Full Article

BP Plc loses bid to cut maximum $13.7 bln Gulf spill fine - Reuters
Thursday, 19 Feb 2015 09:04pm EST 

BP Plc:A U.S. judge on Feb. 19 rejected BP Plc's attempt to reduce the maximum civil fine it could face for its role in the 2010 Gulf of Mexico oil spill, leaving it potentially liable to pay $13.7 bln under the federal Clean Water Act - Reuters.U.S. District Judge Carl Barbier in New Orleans agreed with the federal government that the maximum civil penalty that BP could face is $4,300 per barrel spilled.BP had sought a $3,000 per barrel maximum, equal to a maximum $9.57 bln civil fine.BP had argued that the Clean Water Act in 1990 capped the maximum fine at $3,000 per barrel in cases of gross negligence or willful misconduct.  Full Article

U.S. refineries strike to widen as walkouts planned at BP Plc plants - Reuters
Friday, 6 Feb 2015 08:34pm EST 

BP Plc:A strike by U.S. refinery workers appears set to widen late 7th Jan night to 11 plants as walkouts have been scheduled at BP Plc refineries in Indiana and Ohio - Reuters.Stoppages by hourly workers represented by the United Steelworkers union are scheduled to begin at 11:59 p.m. local time on Jan 7th at BP's Whiting, Indiana, and Toledo, Ohio, refineries. The Ohio refinery is a joint venture with Husky Energy.About 4,000 USW-represented workers are on strike at nine plants in California, Kentucky and Texas, including seven refineries that account for 10 percent of U.S. refining capacity.The union is seeking a tighter policy to prevent workplace fatigue, which federal officials have tied to refinery accidents.The union is also seeking the assignment of work being given to non-union contractors to go to USW members.  Full Article

U.S. regulators mull legal action against BP Plc on rules violations - Reuters
Tuesday, 3 Feb 2015 07:28pm EST 

BP Plc:U.S. regulators are considering naming BP PLC and its entities in an enforcement action alleging the company violated anti-fraud and reporting rules while using Canadian oil pipelines - Reuters.Federal Energy Regulatory Commission (FERC) and Commodity Futures Trading Commission (CFTC) had notified BP of the action in Nov last year and are currently 'investigating certain practices relating to crude oil pipeline nominations procedures on Canadian pipelines.The company is also fighting a case with the FERC over allegations of natural gas market manipulation in Texas.  Full Article

BP PLC announces quarterly dividend and gives FY, Q1 2015 production guidance
Tuesday, 3 Feb 2015 02:01am EST 

BP PLC:Announces dividend of 10.00 cents per ordinary share expected to be paid in March.The corresponding amount in sterling will be announced on March 16, calculated based on the average of the market exchange rates for the four dealing days commencing on March 10.Holders of American Depositary Shares (ADSs) will receive $0.600 per ADS.The dividend is due to be paid on March 27 to shareholders and ADS holders on the register on Feb. 13.Says reported production for FY 2015 is expected to be higher than 2014.Expects Q1 2015 reported production to be higher than the Q4, mainly reflecting higher entitlements in PSA regions on the basis of assumed lower oil prices.  Full Article

BP PLC to pay quarterly dividend
Tuesday, 28 Oct 2014 03:00am EDT 

BP PLC:Announces quarterly dividend of 10 cents per ordinary share.Says 5.3 pct year-on-year increase.Says it is expected to be paid in Dec.  Full Article

CGG and BP agree to develop Marine Seismic Source Technology
Tuesday, 28 Oct 2014 02:30am EDT 

CGG SA:Announces agreement with BP for collaborative research and development in field of new types of marine vibratory seismic sources.Agreement combines both companies' research efforts and knowledge to develop and deploy new seismic source technology.  Full Article

GDF Suez SA and BP Plc make new oil field in the UK Central North Sea
Wednesday, 22 Oct 2014 08:00pm EDT 

GDF Suez SA:Says the company and BP Plc have discovered a new oil field in the UK Central North Sea.  Full Article

Edenred buys 34 pct stake in UTA from BP Europa
Monday, 20 Oct 2014 01:00am EDT 

Edenred SA:Buys from BP Plc subsidiary BP Europa SE 34 pct stake in Union Tank Eckstein (UTA), issuer of fuel cards.Says investment in UTA represents about 150 mln euros.Says transaction includes option to buy additional shares, exercisable from 2017, enabling Edenred to increase its stake in UTA to 51 pct.Says transaction expected to have 1 to 2 pct positive impact on net profit in 2015, and 2 to 3 pct positive impact on net profit before amortization of goodwill.  Full Article

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BP ex-chief Browne to run Russian oligarchs' oil venture: FT

LONDON - John Browne, the former chief executive of BP , will take charge of a $10 billion oil and gas venture backed by Russian billionaire Mikhail Fridman to help it expand internationally through partnerships and acquisitions, the Financial Times reported. 

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