March 6, 2007 |
Venezuela said it had reached a $250-million deal to compensate Total and BP for an oil field it seized from them in April, but said it would not make the compensation in cash. Speaking at the signing of the deal, Energy Minister Rafael Ramirez pegged the compensation slightly lower than the $262 million that a government official had given earlier.
January 16, 2007 |
BP, under pressure because of a refinery explosion that killed 15 workers, suffered from systemic safety failures, according to a report by a committee headed by former Secretary of State James A. Baker III. The Baker panel found fault with the handling of safety issues by upper management at London-based BP, including top executives, said a person who has seen the report and asked not to be named because it is not yet public.
July 7, 2007 |
BP's $18-million settlement with California utilities and state officials over electricity sales made during the state's energy crisis in 2000 and 2001 was approved by the Federal Energy Regulatory Commission. The commission issued an order approving the agreement among London-based BP and the state's three major utility owners, PG&E Corp., Edison International and Sempra Energy Corp.
October 30, 2002 |
Oil giant BP said third-quarter profit rose 79%, and cut its 2002 oil and gas output forecast for the third time in eight weeks. Quarterly net income rose to $2.84 billion, or 13 cents a share, mainly from gains from the sale of its stake in Germany's Ruhrgas. Excluding special items and reflecting the current cost of supply, profit slid 13% to $2.29 billion, at the low end of analysts' forecasts.
October 5, 2005 |
Oil giant BP said Tuesday that damage caused by hurricanes Katrina and Rita cut third-quarter profit by more than $700 million and led to the first quarterly drop in oil and gas production in two years. Third-quarter output was about 3.8 million barrels of oil equivalent a day, 2.8% less than the 3.91 million reported in the year-earlier period, and full-year production could decline by as much as 3.2%, London-based BP said.
December 20, 2005 |
An Alaska state agency sued Exxon Mobil Corp. and BP, claiming that the two oil giants are restricting the nation's supply of natural gas to boost prices. The lawsuit, filed in U.S. District Court in Fairbanks by the Alaska Gasline Port Authority, says the two companies acted together to eliminate competition for the exploration, development and marketing of natural gas from the state's North Slope to U.S. markets.
May 9, 2001 |
BP, the third-biggest publicly traded oil company, reported a 52% jump in first-quarter profit because of soaring U.S. natural gas prices and better margins from refining. BP also benefited from its gas-rich acquisitions of U.S. companies Amoco Corp. and Atlantic Richfield Co. Oil and gas production growth, however, remains a tough challenge for BP. Profit rose to $4.13 billion, or 18 cents a share, from $2.
February 9, 2005 |
Surging crude oil prices and robust production from its Russian subsidiary pushed net profit at energy giant BP 8.6% higher in the fourth quarter. BP earned $2.53 billion for the final quarter of 2004, up from $2.33 billion a year earlier. Revenue rose 35% to $80.7 billion from $59.7 billion. For the full year, BP's profit increased 50% to $15.7 billion, while revenue rose to $294.9 billion from $236.1 billion in 2003.
September 17, 2003 |
BP, the largest oil and natural-gas producer in the U.S., was fined $2.5 million Tuesday by the New York Mercantile Exchange to settle allegations of improper crude oil trades. The allegations against the London-based company's subsidiary, BP Corp. North America, included violations in January 2001 and August 2002 and conduct detrimental to the welfare of the exchange, Nymex said in a disciplinary statement. "We're pleased to have this matter behind us," a BP spokesman said.
December 2, 2005 |
BP and Royal Dutch Shell have agreed to form joint ventures with Venezuela's state oil company, replacing contracts under which they pumped crude independently, Venezuela's oil minister said Thursday. BP and Royal Dutch Shell are among 15 companies that have signed transitional agreements to move toward the joint ventures, Oil Minister Rafael Ramirez said.