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BUSINESS
June 29, 2006 | From the Associated Press
Federal investigators said Wednesday that traders at oil and gas producer BP cornered the U.S. propane market in the winter of 2004 to illegally manipulate prices, driving heating costs higher for rural consumers. The Commodity Futures Trading Commission said BP traders, with the consent of senior management, "purchased enormous quantities of propane to establish a dominant" position in the market and then withheld fuel from the market to drive prices higher.
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NATIONAL
December 16, 2010 | By Richard A. Serrano and Neela Banerjee, Washington Bureau
The Obama administration filed a civil complaint Wednesday against BP and eight other companies over the gulf oil spill this year, setting up a lengthy and complex legal battle over cleanup costs and penalties that could amount to billions of dollars. The complaint, filed in U.S. District Court in New Orleans, alleges a series of violations of federal safety and operational regulations that resulted in the April 20 explosion and fire on the Deepwater Horizon drilling rig in the Gulf of Mexico.
WORLD
April 2, 2009 | Times Wire Reports
A helicopter returning from a North Sea oil platform went down off the northeast coast of Scotland with 16 people on board, and police said at least eight were killed. Scotland's Grampian Police said eight bodies had been recovered from the sea and that the search for the other passengers was continuing. A spokesman for the BP oil company said the helicopter was working for the company and was returning to Britain from an offshore oil field.
WORLD
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.
NATIONAL
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.
BUSINESS
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.
NATIONAL
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.
NATIONAL
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.
BUSINESS
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.
BUSINESS
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.
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