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December 2013 Archives
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December 2013 Archives

BP Faces Setback in Horizon Payouts

In a twist of fate, British energy giant BP plc (BP - Analyst Report) received adverse ruling from New Orleans District Judge Carl Barbier over settlement payments relating to the 2010 Deepwater Horizon oil spill.Per the court verdict, the British energy giant has to adhere to the earlier interpretation of the settlement over the spill which tentatively suggests higher payouts for damages. BP - earlier dissatisfied with court-appointed settlement administrator Patrick Juneau - appealed for a revision to the 5th U.S. Circuit Court of Appeals. The company's plea cited concerns that Juneau is compensating even those companies unaffected by the disaster. The 5th U.S. Circuit Court of Appeals ordered Barbier in December to review Juneau's methodology. As a reminder, on Apr 20, 2010, offshore driller Transocean Ltd's (RIG - Analyst Report) ultra-deepwater Horizon drilling platform, contracted to BP, sank following an explosion while operating in the U.S. GoM off the coast of Louisiana. The incident killed 11 workers and spewed more than 200 million gallons of crude in what was touted as the country's worst oil spill ever. Subsequently, a moratorium was imposed on offshore drilling at water depths of more than 500 feet in the region, which was lifted on Oct 12, 2010.The breach of Clean Water Act along with other laws led the U.S. government to take legal action against the main defendants in the trial - BP, Transocean andHalliburton Company (HAL - Analyst Report). Several other companies are also involved in the trial.

Judge Rules Against BP in Spill-Settlement Dispute

By MICHAEL KUNZELMAN Associated Press Dec 24, 2013, 4:35 PM

A federal judge on Tuesday rejected BP's argument that a multibillion-dollar settlement over the company's massive 2010 Gulf oil spill shouldn't compensate businesses if they can't directly trace their losses to the spill.

For BP Cleanup, 2013 Meant 4.6 Million Pounds Of Oily Gunk

As we near the end of 2013, NPR is taking a look at the numbers that tell the story of this year. They're numbers that, if you really understand them, give insight into the world we live in.

Jury deliberates in ex-BP engineer's trial

A federal jury on Monday started weighing whether a former BP engineer broke the law or harmlessly swiped his finger across a cellular phone when he deleted hundreds of text messages in the aftermath of the company's massive 2010 oil spill in the Gulf of Mexico.

False Negatives are a Positive for BP

BP wants perfection from the judicial system. Fair enough. Yet it ceded that perfectionist desire when the company entered into a settlement agreement (pronounced sett-le-ment a-gree-ment) with business owners, that by BP's own admission, is a compromise (pronounced com-pro-mise).

First Gulf oil spill natural resource study reveals extensive damage in shoreline, deepwater habitats

The extensive damage caused by the BP Deepwater Horizon oil spill and the ensuing cleanup efforts to natural resources along the shoreline and in deepwater habitats of the Gulf of Mexico were outlined for the first time Friday (Dec. 6) in a comprehensive environmental assessment.

BP Court Document: Judge Barbier's Causation Ruling

Editor's Note: Below is an Order issued by United States District Court Judge Carl Barbier of the Eastern District of Louisiana. In the following paragraphs, Judge Barbier explains his denial of BP's motion to reconsider the methods for determining whether a business can qualify for compensation under the Deepwater Horizon Court Supervised Settlement Program (CSSP).

First Criminal Trial From the Gulf Oil Spill Puts BP in Grim Spotlight

A former BP engineer faces obstruction-of-justice charges today in the first criminal trial stemming from the 2010 Gulf of Mexico oil spill. The prosecution in New Orleans serves as a reminder of the human consequences of the disaster, even as the British oil giant tries to limit its multibillion-dollar civil liability in a rancorous feud with plaintiffs' attorneys and a federal judge.

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