New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
March 4, 2014
07:56 EDTBPBP says disagrees with appeals court decision, held no provision for BEL claims
BP said it disagrees with the decision by the U.S. Court of Appeals for the Fifth Circuit denying the company’s request for a permanent injunction preventing certain payments under the Economic and Property Damages Settlement it reached in 2012. BP had asked the Court to prevent payments to business economic loss, BEL, claimants whose alleged injuries are not traceable to the Deepwater Horizon accident and oil spill. BP believes that such BEL claimants are not proper class members under the terms of the settlement and is considering its appellate options. The Judges on the panel split three ways, with two Judges voting to affirm the District Court and deny permanent injunctive relief but without agreeing in all respects on a rationale. By denying the relief BP requested, however, BP believes that today's decision will improperly allow for the payment of losses with no connection to the spill. BP further believes that unless this problem is fully corrected, the settlement cannot be upheld under the law. BP has accordingly already sought en banc rehearing of the January 2014 decision by a separate panel of the Fifth Circuit upholding the validity of the settlement. The full Court has not yet reached a decision on BP's en banc rehearing petition. As of December 31, 2013, BP held no provision for BEL claims payable under the settlement because no reliable estimate could be made. A provision for BEL claims will be established when the uncertainties referred to in BP’s fourth quarter and full year 2013 results announcement are resolved and a reliable estimate can be made of the liability, the company said.
News For BP From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
September 1, 2015
07:40 EDTBPTotal upgraded to Buy from Hold at Deutsche Bank
Subscribe for More Information
August 31, 2015
13:26 EDTBPBP volatility elevated as WTI oil rally's 4% to $47
Subscribe for More Information
August 28, 2015
14:02 EDTBPBP volatility elevated as WTI oil rally's 7.2% to $45.75
Subscribe for More Information
August 27, 2015
12:50 EDTBPPeltz rumored to be building stake in Diageo, Harrington says
Subscribe for More Information
09:11 EDTBPBP volatility elevated as shares trade at five-year low
Subscribe for More Information
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
Subscribe for More Information
August 23, 2015
17:49 EDTBPIran to increase oil production as BP, Shell express interest, Bloomberg says
Subscribe for More Information
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

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the theflyonthewall.com disclaimer & terms of use