The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 510.40
Bid: 509.40
Ask: 509.50
Change: -5.40 (-1.05%)
Spread: 0.10 (0.02%)
Open: 516.30
High: 516.60
Low: 506.10
Prev. Close: 515.80
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

US Lawmakers Press Anadarko, MOEX To Reserve Funds For Oil Spill

Thu, 22nd Jul 2010 22:24

By Tennille Tracy Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--U.S. lawmakers are pressing Anadarko Petroleum Corp. (APC) and MOEX Offshore 2007 LLC to start paying some of the costs related to the Gulf of Mexico oil spill and to set aside money for future expenses. As minority investors in the well that is the source of the oil spill, Anadarko and MOEX Offshore have been identified as responsible parties by the federal government, said Sen. John McCain (R., Ariz.) during a hearing held by a panel of the Senate Committee on Homeland Security and Governmental Affairs. "My understanding is that responsible parties have to pay, but you're not paying," McCain said. "I strongly recommend that you set aside funds and that you start paying bills." Anadarko owns a 25% stake in the Macondo well lease, while MOEX Offshore owns a 10% stake. MOEX Offshore is a subsidiary of Japan-based Mitsui & Co. (MITSY, 8031.TO). BP PLC (BP, BP.LN), meanwhile, owns the remaining 65% and serves as the main operator of the well. Both Anadarko and MOEX Offshore have failed to pay the federal government for cleanup-related costs and have denied attempts by BP to recoup costs related to the spill, said Sen. Thomas Carper (D, Del.), who is chairman of the subcommittee. BP sent Anadarko an invoice for $900 million and it sent a $450 million invoice to MOEX Offshore, Carper said. MOEX Offshore President Naoki Ishii said he didn't remember seeing a bill from the federal government. He added that it was important to determine the causes of the oil spill before assigning financial responsibility. "It's a little too early at this stage because we have to wait for the cause to be clarified," Ishii said through an interpreter. Anadarko Chief Executive James Hackett said the partnership among Anadarko, MOEX Offshore and BP requires BP to pay for upfront costs related to the spill. Once that is done, the companies will determine how to split the overall expenditures. "We're in discussions with BP on this," Hackett said. He later said to a group of reporters that, "We feel that we have the assets available if, in fact, BP doesn't meet its publicly stated commitments." McCain accused the companies of postponing any payments until they could litigate the issue in court. Lawmakers are taking a close look at the companies that invested in the Macondo oil as costs related to the oil spill continue to mount. BP has already paid more than $200 million to compensate those affected by the spill and is close to activating a $20 billion fund for the same purpose. Legislators want to make sure that taxpayers don't get stuck with the bill for the spill cleanup. "It looks like you're not stepping up," said Sen. Claire McCaskill (D., Mo.). "Why would you suffer that kind of public relations disaster?" -By Tennille Tracy, Dow Jones Newswires; 202-862-6619; tennille.tracy@dowjones.com (END) Dow Jones Newswires July 22, 2010 17:24 ET (21:24 GMT)
More News
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.

Read more
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.

Read more
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.

Read more
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.

Read more
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.

Read more
2 Feb 2024 17:12

LONDON MARKET CLOSE: Stocks mixed as US jobs data dashes rate cut hope

(Alliance News) - Stock prices in London closed mixed, after hotter-than-expected US jobs data hit already precarious investor sentiment and all but ensured the Federal Reserve will not be cutting interest rates next month.

Read more
2 Feb 2024 13:14

BP appoints Kate Thomson as its permanent finance chief

(Sharecast News) - BP announced the appointment of Kate Thomson as its new, permanent chief financial officer on Friday, effective immediately.

Read more
2 Feb 2024 12:27

TOP NEWS: BP promotes Kate Thomson as permanent finance chief

(Alliance News) - BP PLC on Friday named Kate Thomson as its permanent chief financial officer, after being in the interim role since September.

Read more
2 Feb 2024 12:09

LONDON MARKET MIDDAY: Airlines up but oil falls on Middle East talks

(Alliance News) - Stock prices in London were higher at midday Friday, ahead of the afternoon's US jobs data, as earnings from tech behemoths overnight lifted investor morale.

Read more
2 Feb 2024 08:54

LONDON MARKET OPEN: European stocks lifted on Wall Street's gains

(Alliance News) - Stock prices in London opened higher on Friday, closing of a busy week of monetary policy decisions.

Read more
1 Feb 2024 17:03

LONDON MARKET CLOSE: Stocks down on hawkish BoE interest rates hold

(Alliance News) - Stock prices in London closed down on Thursday after the Bank of England left interest rates on hold in a split decision that was hawkish on expectations of rate cuts.

Read more
1 Feb 2024 12:22

LONDON MARKET MIDDAY: BoE keeps bank rate on hold in split decision

(Alliance News) - London's FTSE 100 was on the up on Thursday afternoon after the Bank of England left interest rates on hold on Thursday, in a split decision.

Read more
1 Feb 2024 10:06

New UK oil and gas exploration licences approved in the North Sea

(Alliance News) - The UK's oil and gas regulator has awarded 24 new exploration licences to 17 separate companies in a move that has been welcomed by a trade body but condemned by climate campaigners.

Read more
1 Feb 2024 08:50

LONDON MARKET OPEN: Shells begins USD3.5 billion buyback; eyes on BoE

(Alliance News) - Stock prices in London opened mixed, ahead of the Bank of England's first interest rate decision of the year.

Read more
30 Jan 2024 15:28

UK earnings, trading statements calendar - next 7 days

Wednesday 31 January 
Aberforth Smaller Companies Trust PLCFull Year Results
abrdn Private Equity Opportunities Trust PLCFull Year Results
Ecora Resources PLCTrading Statement
GSK PLCFull Year Results
ITM Power PLCHalf Year Results
NWF Group PLCHalf Year Results
Thursday 1 February 
Airtel Africa PLCTrading Statement
AG Barr PLCTrading Statement
BT Group PLCTrading Statement
Cranswick PLCTrading Statement
Gem Diamonds LtdTrading Statement
Glencore PLCTrading Statement
JTC PLCTrading Statement
Rank Group PLCHalf Year Results
Shell PLCFull Year Results
TClarke PLCTrading Statement
Friday 2 February 
YouGov PLCTrading Statement
Monday 5 February 
Home REIT PLCTrading Statement
Porvair PLCFull Year Results
Trident Royalties PLCTrading Statement
Vodafone Group PLCTrading Statement
Tuesday 6 February 
Alumasc Group PLCHalf Year Results
BP PLCFull Year Results
Filtronic PLCHalf Year Results
Mattioli Woods PLCHalf Year Results
Renishaw PLCHalf Year Results
Virgin Money UK PLCTrading Statement
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.