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Stock Market & Financial Investment News

News Breaks
November 28, 2012
12:38 EDTBPBP says working with EPA to demonstrate 'present responsibility'
BP stated: "Today’s announcement by the US Environmental Protection Agency regarding BP’s temporary suspension relates only to future potential contracts with the US government. The temporary suspension does not affect any existing contracts the company has with the US government, including those relating to current and ongoing drilling and production operations in the Gulf of Mexico. The EPA’s action is pursuant to administrative procedures providing for discretionary suspension until a company can demonstrate "present responsibility" to conduct business with the US government. BP has been in regular dialogue with the EPA and has already provided both a present responsibility statement of more than 100 pages and supplemental answers to the EPA's questions based on that submission. Moreover, in support of BP’s efforts to establish present responsibility, the US Department of Justice agreed, in the plea agreement, that it will advise any appropriate suspension or debarment authority that in the Department’s view, BP has accepted criminal responsibility for its conduct relating to the Deepwater Horizon blowout, explosion, oil spill and response. The EPA has informed BP that it is preparing a proposed administrative agreement that, if agreed upon, would effectively resolve and lift this temporary suspension. The EPA notified BP that such a draft agreement would be available soon."
News For BP From The Last 14 Days
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March 6, 2015
18:53 EDTBPBP ends bid to remove Gulf spill claims administrator, Reuters reports
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06:06 EDTBPBP finalizes deal to develop Egypt's West Nile Delta gas fields
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March 4, 2015
06:44 EDTBPSaudi Arabia raises official oil prices, Reuters reports
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March 3, 2015
10:01 EDTBPOn The Fly: Analyst Downgrade Summary
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07:55 EDTBPBP downgraded to Hold from Accumulate at Tudor Pickering
March 1, 2015
18:12 EDTBPIraq's oil minister sees barrel of crude selling at around $65, Reuters says
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February 26, 2015
18:02 EDTBPHelix Energy and BP amend and defer multi-year Q5000 contract
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February 25, 2015
13:56 EDTBPSaudi Arabia aims to become second-largest refined oil exporter, WSJ says
Saudi Arabia's oil minister Ali al-Naimi said Wednesday it plans to become the world's second-largest refined oil product exporter by 2017, reports the Wall Street Journal, citing statements given at a conference. Two new refineries in Saudi Arabia will add 800,000 BPD this year, and a planned 2017 refinery in Jazan will bring the kingdom's total capacity to over 3M BPD. 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
08:26 EDTBPEnterprise Products probed by FTC after rivals complain, WSJ says
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06:45 EDTBPSaudi minister says demand for oil rising, Reuters reports
The price for Brent oil was little changed around $59 per barrel early this morning after Saudi Arbaia's energy minister said that demand for petroleum was increasing, according to Reuters. The minister added that oil markets "are calm now, Reuters added. 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
February 23, 2015
13:45 EDTBPOpec may call emergency meeting if crude continues slide, FT says
According to Diezani Alison-Madueke, Nigeria's oil minister, Opec members have discussed holding an emergency meeting if crude prices continue to tumble, says the Financial Times. Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT).
February 22, 2015
11:59 EDTBPUSW to expand ULP oil strike
The United Steelworkers, USW, announced that it will expand its unfair labor practice strike, ULP, by launching a work stoppage tonight at midnight at the Motiva Enterprises refinery in Port Arthur, Texas. This refinery, a 50-50 joint venture between Shell Oil Company and Saudi Refining, produces more than 600,000 barrels per day. In addition, 24 hour strike notices were delivered at Motiva’s two Louisiana refineries in Convent and Norco as well as at the Shell Chemical plant in Norco. Capacity at these facilities is 235,000 and 238,000. These refineries are also jointly operated by Royal Dutch Shell and Saudi Refining, Inc. of Saudi Arabia. “The industry’s refusal to meaningfully address safety issues through good faith bargaining gave us no other option but to expand our work stoppage,” said USW International President Leo W. Gerard. 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
February 20, 2015
07:37 EDTBPU.S. judge rejects BP request for lower fine per barrel, Reuters says
U.S. District Judge Carl Barbier has rejected BP's request for a maximum fine of $3,000 per barrel, upholding the maximum penalty of $4,300 per barrel, reports Reuters. The decision means the total fine for BP could reach $13.7B, though it is still unclear when a final decision will be reached. BP spokesman Geoff Morrell stated the company is considering its legal options. Reference Link

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