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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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September 1, 2015
07:40 EDTBPTotal upgraded to Buy from Hold at Deutsche Bank
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August 31, 2015
13:26 EDTBPBP volatility elevated as WTI oil rally's 4% to $47
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August 28, 2015
14:02 EDTBPBP volatility elevated as WTI oil rally's 7.2% to $45.75
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August 27, 2015
12:50 EDTBPPeltz rumored to be building stake in Diageo, Harrington says
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09:11 EDTBPBP volatility elevated as shares trade at five-year low
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August 24, 2015
14:25 EDTBPBP refrains from trip to Iran amid U.S. sanction concerns, FT says
BP has chosen not to join U.K. foreign secretary Philip Hammond's trip to reopen the country's Iranian embassy due to concerns over U.S. sanctions that are still in effect, the Financial Times reports, citing people close to the company. "Sanctions are still in place and we will not do anything while that is the case. We are monitoring the situation and will take a look at the opportunities," said the company, according to the publication. Reference Link
09:23 EDTBPGevo, Butamax enter global patent cross-license, settlement agreements
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August 23, 2015
17:49 EDTBPIran to increase oil production as BP, Shell express interest, Bloomberg says
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August 20, 2015
06:10 EDTBPAuction for drilling leases attracts little interest, NY Times reports
A federal auction for drilling leases in the Gulf of Mexico Wednesday attracted only $22.7M in sales from five companies, the lowest since 1986, reports the New York Times. Most companies have insisted they would not sacrifice production in future years, but executives have recently expressed concern that the oil price collapse could last through 2016 and possibly even 2017. 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

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