Relief well drilling ahead of schedule

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Development Driller III is ahead of schedule and will be passing by the wellbore in about three weeks, Coast Guard Adm. Thad Allen said in a operational update this morning. The relief well has been estimated to be completed by mid-August. Allen said the effort is currently ahead of schedule, but once the drill passes […]
Categories: Uncategorized

Cruise ship industry and big oil in same boat?

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Mother Jones had an interesting article earlier this week about liability in deaths caused overseas and how the cruise ship industry is already fighting the battle for big oil. When BP’s Texas City refinery exploded in 2005, the company paid $1.6 billion in settlements to injured employees and families of killed workers. But the families […]
Categories: Politics/Policy

Dead whale found in Gulf of Mexico

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On Tuesday, a dead sperm whale was found floating in the Gulf of Mexico 77-miles south of the Deepwater Horizon spill site. The 25-foot whale carcass was not found in oiled waters and Unified Command officials are not sure yet if the whale died because of the oil spill. The news release said it is […]
Categories: Uncategorized

Chron Energy Newslinks | 06.17.10 | Oil burns, investigation is 'backwards,' relief wells risky.

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• New system begins burning Gulf oil spill crude out at sea. • Gulf Coast lawmakers push for lifting of drilling ban. • BP to set aside $20 billion escrow account for spill claims. • MMS investigation of spill “backwards” says federal inspector. • In the air with the Gulf oil spill’s traffic cops. • […]
Categories: General

Low carbon fuels will bite deep into economy, says industry study

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Low carbon fuel standards like those being rolled out in California and planned in some Northeastern States could lead to steep spikes in fuel prices and the loss of millions of U.S. jobs by 2025, according to a report being released today with funding from the Consumer Energy Alliance — a collection of energy producers […]
Categories: Refining

Map of spill, June17

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Spill JUNE17 c
Categories: Uncategorized

Map of spill, June 17

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Map of spill, June 17
Categories: Uncategorized

Hayward "deeply sorry" for accident that "never should have happened."

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BP CEO Tony Hayward will apologize for the Deepwater Horizon accident and the following spill in his opening statement to Congress on Thursday morning. Andrew Harrer/Bloomberg Tony Hayward, chief executive officer of BP Plc, leaves after a meeting with U.S. President Barack Obama at the White House in Washington, D.C., U.S., on Wednesday, June 16, […]
Categories: Offshore

Survey: Gulf spill shows businesses need to be socially responsible

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More people think the oil spill in the Gulf of Mexico demonstrates that corporations must be socially responsible and not just responsible to shareholders, according to a survey conducted by Rice University’s Jones Graduate School of Business. Vikas Mittal, professor of marketing at the Jones school, said the survey results showed there has been a […]
Categories: General

BP suspends dividend as part of spill fund pact

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AP

BP Chairman Carl-Henric Svanberg

Speaking on the steps of the White House after a meeting with President Obama, BP Chairman Carl-Henric Svanberg said the company will not make any dividend payments for the rest of the year, including the one due later this month.

The oil company also agreed to set up a $20 billion escrow fund to pay claims related to the oil spill from BP’s Macondo well in the Gulf of Mexico. The administration’s pay czar, Kenneth Fineberg, is expected to oversee the fund, which could be increased if claims grow beyond the $20 billion threshold.

BP has come under pressure from the administration, members of Congress and others in recent weeks for considering a dividend payment to shareholders before the liabilities for the Gulf disaster are covered.

Blog readers overwhelmingly said BP should pay the dividend. Sorry, folks, it appears the administration had other ideas.

The dividend suspension didn’t phase investors, though. BP’s shares rose slightly after the announcement. Instead, it appears the spill fund is easing investors’ concerns about the company’s future.

Categories: General