HEARD ON THE STREET: Multiple Realities Weigh On BP
15th Jun 2010 19:59
By Liam Denning A DOW JONES COLUMN An aide to President George W. Bush once said "we create out own reality." When it comes to BP, the administration of his successor displays similar power. BP was dealt a six-notch downgrade to its credit rating by Fitch Ratings Tuesday. Fitch couldn't
Read moreStatoil Moves To End Contracts For US Gulf Drilling--Spokesman
15th Jun 2010 19:57
By Brian Baskin Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Statoil A/S (STO, STL.OS) is moving to suspend its contracts for two drilling rigs in the Gulf of Mexico, citing the U.S. moratorium on offshore drilling. The Norwegian oil company is invoking a force-majeure clause in its cont
Read moreAT A GLANCE: Oil Executives Testify In DC; Fitch Downgrades BP
15th Jun 2010 19:49
THE NEWS: Executives from BP PLC (BP, BP.LN) and other major oil companies are testifying before Congress on Tuesday as oil continues to gush into the Gulf of Mexico from BP's damaged well. Executives from Exxon Mobil Corp. (XOM), ConocoPhillips (COP), Royal Dutch Shell PLC (RDSA) and Chevr
Read moreBP: Temporary Shut-Down On Discoverer Enterprise After Fire
15th Jun 2010 19:43
DOW JONES NEWSWIRES The ship Discoverer Enterprise, from which BP PLC (BP, BP.LN) is recovering oil from a giant spill in the Gulf of Mexico, has been shut down temporarily following a small fire that has been extinguished, the company said Tuesday. The fire, discovered at about 9:30 a.m. C
Read moreAnger Over Oil Spill Spills Over To BP-Branded Fuel Retailers
15th Jun 2010 19:40
By Naureen S. Malik Of DOW JONES NEWSWIRES Independent sellers of BP-branded fuel are facing a backlash, one that could have debilitating effects on many small business owners, as the public's outrage grows over the oil company's inability to stop the massive Gulf of Mexico spill. But e
Read morePRESS RELEASE: TEMPORARY SHUT-DOWN ON THE DISCOVERER ENTERPRISE
15th Jun 2010 19:32
TEMPORARY SHUT-DOWN ON THE DISCOVERER ENTERPRISE Release Date: 15 June 2010 At approximately 9:30 am CDT, a small fire was observed at the top of the derrick on the Discoverer Enterprise. The fire was quickly extinguished. The preliminary view is that the fire was caused by a lightning strik
Read moreHEARD ON THE STREET: Stock Indexes' Dead Weight
15th Jun 2010 19:24
By Michael Casey A DOW JONES COLUMN Diversify. Diversify. Diversify. For years it was a trusted mantra: the simple idea that to mitigate the impact of nasty surprises from one company or sector, investors should hold a diversified portfolio of stocks from a cross-section of industries. T
Read moreUS Lawmakers Assess Spill Readiness Of Major Oil Companies
15th Jun 2010 19:21
By Tennille Tracy Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--As BP PLC (BP, BP.LN) struggles to control the Gulf of Mexico oil spill, U.S. lawmakers are trying to determine whether any of the major oil companies would be better equipped to handle similar disasters. In a hearing held
Read moreBP Exec Says Company Supports Administration Decisions
15th Jun 2010 18:46
By Tennille Tracy Of DOW JONES NEWSIRES WASHINGTON (Dow Jones)--A top BP PLC (BP) executive said he supports the Obama administration's handling of the Deepwater Horizon oil spill amid growing criticism of the government's response. At a congressional hearing Tuesday, BP America Presiden
Read moreOfficial:Tally Of Spill-Flow Rates Won't Be Known For Long Time
15th Jun 2010 18:23
By Shayndi Raice Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--A top government scientist surveying the damage to the Gulf of Mexico from the Deepwater Horizon oil spill said the final tally of oil flow rates will not be known for a long time. In testimony before the House Natural Resour
Read moreBP WATCH: Shares Up After Claims Acceleration, But Worries Remain
15th Jun 2010 18:11
By Donna Kardos Yesalavich Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Shares of BP PLC (BP) turned higher in the U.S. Tuesday afternoon after the oil giant said it has approved initial payments toward 90% of commercial large loss claims that have been filed as a result of financial impacts
Read more5th UPDATE: BP Slide After Fitch's Six-Notch Rating Downgrade
15th Jun 2010 17:37
(Adds Exxon Mobil, Chevron comment.) By James Herron Of DOW JONES NEWSWIRES LONDON (Dow Jones)--BP PLC (BP) shares closed almost 4% lower Tuesday after Fitch Ratings downgraded its long-term issuer default rating to just above junk as potential up front costs from the oil spill in Gulf
Read moreSafety Of Hydraulic Fracking For Gas Is Questioned At Hearing
15th Jun 2010 17:35
By Siobhan Hughes Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--Rep. Michael Burgess (R., Texas) on Tuesday used an oil-spill hearing to raise questions about the safety of a controversial technique for accessing vast new natural-gas supplies. At a House Energy and Commerce subcommittee
Read moreChevron CEO: Practices We Wouldn't Use Employed By BP
15th Jun 2010 17:15
By Siobhan Hughes Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--Oil-company executives put further distance between their companies and BP PLC (BP, BP.LN), telling Congress on Tuesday that they would have made different well-design decisions than those investigators say were made by BP.
Read moreUnder Pressure From Govt, BP To Accelerate Claims Process
15th Jun 2010 17:10
DOW JONES NEWSWIRES BP PLC (BP, BP.LN) on Tuesday said it has approved initial payments toward 90% of commercial large loss claims that have been filed as a result of financial impacts from the Deepwater Horizon explosion and resulting spill. The oil giant said accelerated payments will hel
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