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Share Price: 496.80
Bid: 496.70
Ask: 496.80
Change: -6.90 (-1.37%)
Spread: 0.10 (0.02%)
Open: 498.00
High: 499.60
Low: 490.65
Prev. Close: 503.70
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Louisiana agency sues big oil firms for hurting wetlands

Wed, 24th Jul 2013 18:49

NEW ORLEANS, July 24 (Reuters) - A Louisiana agency sued 97oil companies - including BP Plc, Exxon Mobil Corp, Chevron Corp and Royal Dutch Shell Plc - in state court on Wednesday for allegedly damaging hundreds ofmiles of sensitive wetlands by cutting through them withpipelines and transportation canals.

The suit demands the oil industry pay for or remediateenvironmental damages stemming from decades of work thatallegedly caused erosion and hurt coastal wetlands - whichexperts say serve as critical buffers during floods and higherocean swells from hurricanes, like the 2005 Katrina disaster.

John Barry, the vice president of the Southeast LouisianaFlood Protection Authority - East, a state agency, saidcompanies' drilling permits required them to perform remediationwork that in most cases was never carried out after diggingcanals to reach drilling platforms.

Barry said the filing was also based on a federal law thatprohibits doing anything that hurts levees, and a Louisiana lawfrom the 1700s that prohibits one person from doing something onhis property that sends more water flowing onto someone else's.

"The authority takes its mission to protect the publicseriously," Barry told reporters. "Because of that, andrecognizing the controversial nature of what we are doing, wehave filed a lawsuit."

The state court filing appeared to open up another front oflitigation against BP, which is still slogging through a massivefederal case brought by the U.S. Justice Department and severalstates, including Louisiana, over the 2010 explosion of thecompany's Macondo well and the resulting Gulf of Mexico oilspill.

Officials at BP, Shell and Chevron were not immediatelyavailable for comment. Exxon Mobil declined immediate comment.

Legal experts said the federal and state drilling permitsreceived by the companies likely will be a key issue.

Because oil companies have been involved in drilling inLouisiana for decades, establishing that the companies areliable for damages "at this late date will require a new look"at the situation, said Edward Sherman, a Tulane University lawprofessor.

"They probably have an uphill battle, but it sounds likethey're being creative," he said.

Sherman, who cautioned he had not seen the complaint, addedthat the lead attorney for the agency, Gladstone Jones, hasbuilt a reputation for going against oil companies, particularlyin north Louisiana, in cases having to do with storage andwaste.

"He's been very effective," Sherman said of Jones.

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London close: Stocks manage gains despite UK recession news

(Sharecast News) - London markets had a mixed but ultimately positive day of trading on Thursday, despite news that the UK fell into a technical recession at the end of 2023.

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15 Feb 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 flat as strong start fades

(Alliance News) - The FTSE 100 tread water on Thursday afternoon, as share price declines for some of London's heavyweights offset a strong start for the index, which got a boost from Bank of England rate cut hopes.

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15 Feb 2024 09:17

BP hails arrival of LNG vessel at project off Senegal and Mauritania

(Alliance News) - BP PLC on Thursday celebrated the arrival of a gas vessel offshore west Africa, which it called a "major milestone" for its project there.

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14 Feb 2024 12:01

BP and Adnoc form gas joint venture in Egypt to boost capabilities

(Alliance News) - BP PLC on Wednesday said it will form a joint venture with Abu Dhabi National Oil Co in Egypt, under which BP will contribute its interests in three development concessions.

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14 Feb 2024 10:27

BP and Adnoc agree Egyptian joint venture

(Sharecast News) - BP has agreed a new joint venture in Egypt with long-standing partner Adnoc, it was confirmed on Wednesday.

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11 Feb 2024 09:27

PRESS: BP to book USD700 million windfall on UK tax changes - FT

(Alliance News) - BP PLC is set to book a USD700 million windfall due to UK tax changes aimed at boosting corporate pension fund investment in the economy, the Financial Times reported on Saturday.

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9 Feb 2024 11:44

LONDON MARKET MIDDAY: European markets quiet heading into afternoon

(Alliance News) - European stock markets were quiet heading into Friday afternoon, as investors eye the annual US consumer price index benchmarks revisions.

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8 Feb 2024 16:06

UK dividends calendar - next 7 days

Friday 9 February 
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Monday 12 February 
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Thursday 15 February 
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6 Feb 2024 17:39

London close: Stocks manage gains as oil prices rise

(Sharecast News) - London's financial markets finished with a positive performance on Tuesday, driven by encouraging data from the UK construction sector and BP's share buyback expansion.

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6 Feb 2024 17:04

LONDON MARKET CLOSE: BP and Prudential help snap FTSE losing streak

(Alliance News) - Stock prices in London pushed higher on Tuesday, with the FTSE 100 registering its first rise in four trading days, with oil major BP the star performer.

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6 Feb 2024 12:10

LONDON MARKET MIDDAY: BP tops FTSE 100 index on buyback promise

(Alliance News) - The FTSE 100 was higher at midday Tuesday, despite lingering unease in equity markets on US interest rate worries, while BP led the way among London's large-caps as it announced a buyback plan.

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6 Feb 2024 09:04

TOP NEWS: BP promises buybacks and hikes dividend despite profit fall

(Alliance News) - BP PLC on Tuesday reaffirmed it is sticking to its commitment to share buybacks despite reporting a profit decline amid a fall in oil prices.

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6 Feb 2024 08:53

LONDON MARKET OPEN: BP jumps after unveiling share buyback

(Alliance News) - The FTSE 100 in London opened higher on Tuesday, with oil major BP at the top of the index, thanks to its new share buyback programme.

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6 Feb 2024 07:47

LONDON BRIEFING: BP promises buyback despite drop in profit

(Alliance News) - Stocks in London are called to open higher, ahead of a slew of construction purchasing managers' index readings from the eurozone, the UK and Germany.

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6 Feb 2024 07:02

BP unveils $1.75bn buyback as 2023 profits halve on weaker oil price

(Sharecast News) - Shares in BP surged on Tuesday as the energy giant announced a $1.75bn share buyback despite a slump in annual profits as oil prices fell during 2023 from the spike caused by Russia's invasion of Ukraine.

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