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BP

Texas Gov. Greg Abbott (Chris Kleponis/Bloomberg News)

Texas to get $750 million from BP oil spill settlement

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Texas Gov. Greg Abbott said in the statement that the sum would allow Texas “to reinvest in the Gulf community and reinvigorate the economic and environmental health of the region.”
In this April 2010 file photo, oil can be seen in the Gulf of Mexico, more than 50 miles southeast of Venice on Louisiana's tip, as a large plume of smoke rises from fires on BP's Deepwater Horizon offshore oil rig. (AP Photo/Gerald Herbert, File)

BP to settle Deepwater Horizon claims for $18.7 billion

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BP has struck a deal to settle all federal, state and local claims against it for its role in the Deepwater Horizon oil spill for $18.7 billion. It would pay out that sum over 18 years, BP said Thursday.
(AP Photo/Gerald Herbert, File)

BP to settle Deepwater Horizon claims for $18.7 billion

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BP has agreed to pay a record $18.7 billion to settle the federal and state claims against it for its role in the Deepwater Horizon oil spill, sidestepping years of litigation with a promise to pour funds for nearly two decades into efforts to repair vast environmental damage in the Gulf region.
Kurt Mix arrives at the Hale Boggs Federal Building in New Orleans in December 2013. (AP Photo/Jonathan Bachman)

Former BP engineer should get new trial, appeals court says

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Prosecutors accused Mix of deleting text messages about the amount of oil flowing from BP PLC’s Macondo well after the 2010 Deepwater Horizon disaster.
In this April 2010 file photo, oil can be seen in the Gulf of Mexico, more than 50 miles southeast of Venice on Louisiana's tip, as a large plume of smoke rises from fires on BP's Deepwater Horizon offshore oil rig. (AP Photo/Gerald Herbert, File)

Supreme court rejects BP, Anadarko appeals over Gulf oil spill fines

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A federal appeals court last year upheld Barbier’s conclusion about BP’s and Anadarko’s liability under the Clean Water Act. The offshore explosion released millions of barrels of oil into the Gulf, the largest spill in U.S. history.
Iranian President Hassan Rouhani pauses before delivering the country's draft budget to the parliament speaker at the parliament in Tehran, Iran, Sunday, Dec. 7, 2014. (AP Photo/Vahid Salemi)

Why Iran’s big moment could be years away

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Major investments, however, may take years as companies weigh the risk of Iran violating the agreement, which would bring sanctions back, according to analysts and former officials. Decades of hostile relations with Western powers and tight scrutiny by the U.S. Congress and Treasury could also make many investors reluctant to jump back right away.
Original byline: Jim Blecha/

BP economist: Oil industry should hunker down for “a couple of years” as prices recover

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The dramatic reduction in the U.S. rig count foreshadows a coming slowdown in U.S. oil output, a trend that’s expected to happen at the same that time that global oil consumption has started to swell.
Deepwater Horizon

BP’s Gulf spill toll could run up to $68.2 billion

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The cost estimate means the remaining legal aftermath of the Deepwater Horizon oil spill, which includes impending environmental fines and settlement payments, could run up another $16 billion to $24 billion as the tangle of litigation around the spill unfolds for the next few years.
(Carla Gottgens/Bloomberg)

How the European oil industry decided to save the climate

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As BP Chief Executive Officer Bob Dudley recalls, it all started with himself and his peers from Statoil, Total and Royal Dutch Shell, on stage at the forum debating their response to the climate change challenge.
(Jason Alden/Bloomberg)

Gulf spill debt could hit BP hard over next few years, says ratings agency

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A federal judge in New Orleans could rule at any time on BP’s oil spill penalties, which could rise as high as $13.7 billion. BP has set aside just $3.5 billion for the fines, but Fitch said its rating adjustment assumes the judge will hand down the highest-possible penalty.