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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 companyís 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 BPís fourth quarter and full year 2013 results announcement are resolved and a reliable estimate can be made of the liability, the company said.
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September 2, 2014
09:02 EDTBPHalliburton reaches $1.1B settlement on claims related to Macondo
Halliburton (HAL) announced that it has reached an agreement to settle a substantial majority of the plaintiffsí class claims asserted against the company as a result of the April 20, 2010 Macondo well incident in the Gulf of Mexico. The approximately $1.1B settlement, which includes legal fees, is subject to approval by the United States District Court for the Eastern District of Louisiana, and will be paid into a trust until all appeals have been resolved in three installments over the next two years. The companyís previously accrued loss contingency provision relating to the multi-district litigation proceedings is currently $1.3B. The agreement includes the following: Claims against Halliburton that BP (BP) assigned to the settlement class in BPís April 2012 settlement, Punitive damages claims against Halliburton by a class of plaintiffs who allege damages to property or associated with the commercial fishing industry arising from the Deepwater Horizon Incident, and Affirmation that Halliburton has no liability for compensatory damages to the members of the settlement class in the BP April 2012 settlement. Payments will be held in the trust, pending the finalization of this settlement which is contingent on final Court approval, including any appeals of: The BP 2012 settlement with the settlement class, The District Courtís earlier determination that the contractual indemnity provided by BP to Halliburton is valid and enforceable, and The District Courtís earlier dismissal of economic damage claims against Halliburton. Additionally, the settlement is subject to an agreed-upon level of participation by the current claimants which, if not achieved, allows Halliburton to terminate the agreement.
August 29, 2014
09:37 EDTBPActive equity options trading on open
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06:38 EDTBPRising oil supplies pressuring prices, NY Times says
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August 28, 2014
09:34 EDTBPBP confirms refinery 'minimally' affected after fire, AP reports
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07:35 EDTBPBP downgraded to Underweight from Equal Weight at Morgan Stanley
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August 22, 2014
06:39 EDTBPBP drops $9.3B on fuel stations, exploration in Australia, Bloomberg says
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