Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  London Stock Exchange  >  BP    BP.   GB0007980591

BP (BP.)
Mes dernières consult.
Most popular
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

BP: U.S. hiding evidence on size of Gulf oil spill

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/30/2012 | 08:42pm CEST

BP Plc (>> BP plc) has accused the U.S. government of withholding evidence that may show the 2010 Deepwater Horizon oil spill in the Gulf of Mexico was smaller than federal officials claimed, a key issue in determining the oil company's liability.

BP Plc (>> BP plc) has accused the U.S. government of withholding evidence that may show the 2010 Deepwater Horizon oil spill in the Gulf of Mexico was smaller than federal officials claimed, a key issue in determining the oil company's liability.

A reduction in the size of the spill would lower the maximum civil fine BP could be forced to pay under the U.S. Clean Water Act, a sum now estimated as high as $17.6 billion.

The government is one of many plaintiffs suing BP over the April 20, 2010 explosion of the Deepwater Horizon drilling rig, which killed 11 workers and triggered the largest U.S. offshore oil spill.

In a filing late on Thursday with the U.S. district court in New Orleans, BP said more than 10,000 documents the government is refusing to turn over "appear to relate to flow rate issues" at the company's ruptured Macondo well.

BP said the documents, which the government considers privileged because they reflect policy deliberations, may show that an August 2010 estimate that 4.9 million barrels of oil spilled from the well is too high.

"The United States' invocation of the deliberative process privilege here sweeps too broadly," because it shields evidence concerning "a factual issue, namely, the amount of oil discharged," wrote Don Haycraft, a lawyer for BP.

"Fundamental fairness" requires that BP get access to this evidence for its defense, he added.

Wyn Hornbuckle, a U.S. Department of Justice spokesman, declined to comment.

In an order dated Friday, U.S. Magistrate Judge Sally Shushan directed BP and the government to meet over the next couple of weeks to try to resolve disagreements over some of the challenged evidence.

The Clean Water Act calls for maximum fines of $1,100 per barrel of oil spilled or $4,300 if there were gross negligence.

Assuming 4.1 million barrels were spilled and not cleaned up as the government contends, BP could face a maximum $17.6 billion fine if there was gross negligence.

BP agreed in principle on March 2 to pay $7.8 billion to settle claims by more than 100,000 private plaintiffs for economic, property and other damages.

It still faces claims from the government, Gulf Coast states and drilling partners Transocean Ltd (>> Transocean LTD) and Halliburton Co (>> Halliburton Company).

BP has calculated its legal and cleanup costs to be roughly $43 billion. The company is based in London.

The settlement with private plaintiffs put a potentially year-long trial over the spill on indefinite hold. The size of the spill was among the issues to be determined.

U.S. District Judge Carl Barbier has scheduled a May 3 meeting with lawyers to discuss how the case should proceed.

The case is In re: Oil Spill by the Oil Rig "Deepwater Horizon" in the Gulf of Mexico, on April 20, 2010, U.S. District Court, Eastern District of Louisiana, No. 10-md-02179.

(Reporting By Jonathan Stempel in New York; Editing by Andre Grenon and Steve Orlofsky)

By Jonathan Stempel

Stocks treated in this article : BP plc, Halliburton Company, Transocean LTD
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on BP
08/17 BP : Patent Issued for Centralizers for Centralizing Well Casings (USPTO 9725967..
08/17 KOSMOS ENERGY : Announces Second Quarter 2017 Results
08/17 BP : ArcLight Capital to Enter into Joint Venture with BP West Coast Products LL..
08/17 New energy to play a dominant role in China by 2030
08/17 BP : Begins Production from Juniper Field, Offshore Trinidad and Tobago
08/17 New energy to play a dominant role in China by 2030
08/16 SIRIUS PETROLEUM : US$10 Million Revolving Pre Payment Facility & Offtake Agreem..
08/16 BP : Launches Production From Two More Major Projects
08/16 BP : Kosmos Energy Team up to Develop LNG Export Project
08/16 BP : plans to use coral harming chemical in event of oil spill near Amazon reef
More news
News from SeekingAlpha
08/17 KBR wins deal for pre-FEED work on BP-led Tortue project
08/16 Big Oil Portfolio - Short Term Slowdown But Long Term Potential
08/16 Is The MLP Model Still Relevant?
08/16 THE GLOBAL ENERGY TRANSITION : Will Renewables Save Us?
08/15 Global Oligopolies - Investing In Concentrated Businesses
Financials ($)
Sales 2017 220 922 M
EBIT 2017 10 927 M
Net income 2017 6 104 M
Debt 2017 38 420 M
Yield 2017 6,83%
P/E ratio 2017 18,74
P/E ratio 2018 15,42
EV / Sales 2017 0,69x
EV / Sales 2018 0,63x
Capitalization 113 229 M
Chart BP
Duration : Period :
BP Technical Analysis Chart | BP. | GB0007980591 | 4-Traders
Technical analysis trends BP
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 28
Average target price 6,36 $
Spread / Average Target 11%
EPS Revisions
Managers
NameTitle
Robert W. Dudley Group Chief Executive Officer & Executive Director
Carl-Henric Svanberg Chairman
Brian Gilvary Group Chief Financial Officer & Executive Director
Paul Milton Anderson Independent Non-Executive Director
Ian Edward Lamert Davis Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
BP-12.59%113 229
EXXON MOBIL CORPORATION-13.54%328 249
CHINA PETROLEUM & CHEMICAL CORP10.35%103 392
RELIANCE INDUSTRIES LIMITED45.48%79 453
SAUDI BASIC INDUSTRIES CORPORATION SJSC--.--%78 162
SUNCOR ENERGY INC.-9.92%52 683