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July 12, 2003 | From Times Wire Reports
A weakened Tropical Storm Claudette entered the Gulf of Mexico with 50-mph winds and started on a path that could lead it toward southern Texas. Claudette had dumped heavy rains, sunk small boats and whipped up waves in Cancun as it passed over Mexico's Yucatan Peninsula, but it did little noticeable damage. In Texas, the BP oil company evacuated nonessential employees from oil and gas platforms along the Gulf of Mexico. The company did not shut down production, a spokesman said.
May 26, 2010 | By Ashley Powers and Richard Simon, Los Angeles Times
Hours before the fatal accident that sank the Deepwater Horizon oil rig in the Gulf of Mexico, workers for the rig's owner quarreled with BP officials who wanted to finish the drilling job despite problems, a mechanic told a Coast Guard committee in Louisiana on Wednesday. Douglas Brown, the rig's chief mechanic, testified that three officials for rig owner Transocean Ltd. balked at the desire of a BP "company man" to remove drilling mud from the pipe connecting the rig with the well.
June 30, 2008 | From Bloomberg News
Investors in Exxon Mobil Corp., Royal Dutch Shell and BP are losing money, even though oil prices are hitting records, as they cede control of production to state-owned energy companies. Exxon, the world's biggest company by market value, saw its stock fall 7.6% this year after Venezuela forced the Irving, Texas-based producer out of the Orinoco Belt, South America's largest oil territory. Shell lost 4.6% in London trading as Russia seized control of the $22-billion Sakhalin-2 venture.
November 17, 2012 | By Joseph Serna
Two workers on an oil rig in the Gulf of Mexico were still missing Saturday, following an explosion on the site a day earlier that injured nine other people. The U.S. Coast Guard was searching a 1,400-square-mile area of ocean Saturday around a Black Elk Energy rig that burst into flames Friday when oil caught fire as workers cut through a pipe. The platform is off the Louisiana shore, about 20 miles southeast of Grand Isle. The rig had been shut down since mid-August, company officials said, leaving authorities little concern about an oil spill.
November 17, 2010 | By Neela Banerjee, Tribune Washington Bureau
Failure to manage the risks of a complex well and to learn from an earlier narrowly missed disaster contributed significantly to the Deepwater Horizon disaster in the Gulf of Mexico, a panel investigating the BP oil spill said Wednesday. "Numerous decisions" to continue operations despite repeated warnings of problems "suggest an insufficient consideration of risk and a lack of operating discipline," according to a report issued by a committee at the National Academy of Engineering/National Research Council, which was convened at the request of Interior Secretary Ken Salazar.
August 21, 1987 | From Reuters
In what will be the biggest share offering in history, the British government will sell its remaining stake in British Petroleum Co. in late October for the equivalent of $12.1 billion, the government's financial advisers said Thursday. Prime Minister Margaret Thatcher's government, which has sold more than 20 state-owned companies to the investing public, will sell its remaining 31.5% stake in BP for $9.7 billion and $2.4 billion worth of new shares, they said.
November 19, 1987 | From Staff and Wire Reports
The Kuwaiti government has bought a stake of more than 10% in British Petroleum Co., the world's third-largest oil company, BP said Wednesday. The move makes Kuwait the biggest shareholder in BP. It also gives the Persian Gulf nation effective 5% interest of the Prudhoe Bay oil field in Alaska, the largest in the United States, and numerous other U.S. assets. Kuwait's latest stake in the U.S. Oil Patch comes through BP's ownership of the former Standard Oil of Ohio, which controls 50.
March 25, 2014 | By Michael Hiltzik
Some lessons take a long time to sink in. The Exxon Valdez disaster, which occurred 25 years ago this week when the oil tanker struck a reef in Alaska's Prince William Sound, was both the product of previous lessons unlearned and the source of new lessons that continue to be overlooked. One lesson was that industry self-regulation and lax governmental oversight don't work to the public's benefit. In this case, the vessel was operating on March 24, 1989, with an overworked crew that was half the size of standard crews 20 years earlier; the tanker's hull construction didn't meet specifications agreed to by the oil industry for tankers carrying Alaskan oil. The Coast Guard, which was charged with conducting safety inspections  of tankers, didn't do so because its staff had been cut by one-third.  The environmental effects of the spilled oil in what was then the largest ever in U.S. waters--it was surpassed by the 2010 Deepwater Horizon spill in the Gulf of Mexico--have been worse and longer lasting than anyone anticipated.
December 28, 2006 | Evan Halper, Times Staff Writer
A plan announced Wednesday by Gov. Arnold Schwarzenegger to boost public funding for cutting-edge research could prove to be a boon to some of the state's top universities -- and to private companies that leverage their breakthroughs into big profits. The proposal, which is to be included in the budget unveiled by the governor early next month, calls for investing $95 million in four research projects based at the state's public universities.
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