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Stock Market & Financial Investment News

News Breaks
November 15, 2012
11:10 EDTBPBP announces $4.5B spill settlement with United States government
BP announced that it has reached agreement with the United States government, subject to court approval, to resolve all federal criminal charges and all claims by the SEC against the company stemming from the Deepwater Horizon accident, oil spill, and response. BP has agreed to plead guilty to 11 felony counts of Misconduct or Neglect of Ships Officers relating to the loss of 11 lives; one misdemeanor count under the Clean Water Act; one misdemeanor count under the Migratory Bird Treaty Act; and one felony count of obstruction of Congress. This resolution is subject to U.S. federal court approval. As part of its resolution of criminal claims with the U.S. government, BP will pay $4B, including $1.256B in criminal fines, in installments over a period of five years. BP has also agreed to a term of five years’ probation. Under the resolution with the Department of Justice, a total of $2.394B will be paid to the National Fish & Wildlife Foundation over a period of five years. In addition, $350M will be paid to the National Academy of Sciences over a period of five years. The resolution also provides for the appointment of two monitors, both with terms of four years. BP said the aggregate amount of the resolution is approximately $4.5B, with payments scheduled over a period of six years. Today's resolution is expected to result in an increase of approximately $3.85B to the $38.1B charge taken against income as of the end of September.
News For BP From The Last 14 Days
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November 27, 2014
10:25 EDTBPOPEC decided not to cut oil production, CNBC reports
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November 26, 2014
06:42 EDTBPSaudis unlikely to seek oil output changes, Reuters reports
Saudi Arabia indicated today that it probably won't seek major changes in OPEC's oil output during the group's meeting this week, according to Reuters. The oil market should "stabilize itself" eventually, the news service quoted Saudi Oil Minister Ali al-Naimi. as saying OPEC members Venezuela and Iraq have called for output cuts, while non-OPEC member Russia said it would not reduce production, the news service stated. Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT).Reference Link
November 25, 2014
13:01 EDTBPOPEC leans toward compromise to cut supplies, WSJ says
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November 23, 2014
19:12 EDTBPIran may suggest 1M barrel a day cut at OPEC meeting, Bloomberg says
According to media reports in Iran, the Iranian oil minister Bijan Namdar Zanganeh may speak with Saudi Arabia’s Oil Minister Ali Al-Naimi on the sidelines of the OPEC meeting in Vienna this week to propose that OPEC cut its output target by as much as 1 million barrels a day, says Bloomberg. Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT). Reference Link
November 18, 2014
18:26 EDTBPKeystone pipeline legislation voted down by U.S. Senate
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November 17, 2014
11:15 EDTBPBP to invest $200M to upgrade U.S., Belgian petrochemical plants
BP announced that it plans to invest over $200M to upgrade its purified terephthalic acid plants at Cooper River, South Carolina and Geel, Belgium. The investments will position these assets amongst the most efficient PTA manufacturing facilities in the world. Reference Link
November 14, 2014
16:52 EDTBPGreenlight Capital gives quarterly update on stakes
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05:58 EDTBPLawsuit accuses BP of overcharging California agencies for natural gas, AP says
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November 13, 2014
17:06 EDTBPBP loses bid for new trial regarding negligence in oil spill, Bloomberg says
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