BP

April 2010
135% jump in profits, thanks to rising oil prices Profits of $5.6bn (3.6bn) in the first three months of 2010, up from $2.4bn year ago oil prices of up to $84 a barrel during the quarter ... in early 2009, oil prices fell below $33 a barrel *this is good for BP, but motorists are facing record petrol prices at the pump* BPs strong performance was overshadowed by the explosion last week at a drilling rig in the Gulf of Mexico Americas worst offshore rig disaster in 40 years Shares in BP rose by nearly 2% in early trading to 639p, up by 12p

June 2010
39% of BPs shares are held by the US institutions and individuals 40% of shares are UK owned BP will not pay a shareholder a dividend this year

July 2010
A US congressional committee has agreed measures that would ban BP from new offshore drilling for seven years The April explosion of BPs Deepwater Horizon rig killed 11 workers over 10% of Bps current output comes from the Gulf of Mexico US oil production increased last year at its fastest rate in 40 years the oil giants second quarter profits are published, showing losses of $17bn for the three months between April & June a UK record BP set aside $32.2bn (20.8bn) to cover the costs linked to the Gulf of Mexico spill

August 2010
cost of the spill have increased to $6.1bn (3.8bn) this includes grants to the gulf states hit by the spill and $319bn paid out in compensation to some of those affected by the spill

September 2010
Deepwater horizon disaster killed 11 people and cause the worst oil spill in history BP wants to drill in a field 60 miles off Shetland (island of Scotland) the cost of the spill has risen to $8bn (5.2bn) BP says a rise of $2bn in the past month alone

October 2010

we will earn back trust in BP and begin to restore the companies battered reputations chief executive Bob Dudley told business leaders in London

November 2010
the oil industry is drilling in riskier and more dangerous places in UK waters, where a spill could be disaster for wildlife

January 2011
Greenpeace said that the oil industry was attempting to Hold Britain Back Malcolm Webb, chief executive of Oil and Gas UK, said the industry had a lengthy lifespan which would see out the careers of any engineers graduating now Its time we went beyond oil Greenpeaces head, Ben Ayliffe a deal was signed on 14th Friday January 2011 to exploit potentially huge deposits of oil and gas in Russias arctic shelf Mr Miliband (labour leader) said finding alternative forms of energy was the way ahead As part of the deal Rosneft ( leader of Russias petroleum industry ) will take 5% of BPs shares in exchange for approx. 9.5% of Rosnefts shares Greenpeace criticized the deal BP had a terrible 2010 with the Gulf of Mexico spill costing the company at least $40bn (25bn)

April 2011
an influential organization that advises BPs shareholders seems less persuaded that the company has learned the appropriate lessons BP hasnt yet been given a formal license to resume drilling in the gulf Media reports said that the UK oil giant will resume work in July at 10 sites in the Gulf BPs deepwater horizon rig killed 11 workers and caused the USs worst environmental diaser BP is hoping to raise $30bn from disposals by the end of 2011 to help pay for the cleanup and compensation for the deepwater horizon disaster The company has already agreed deals worth a total of more than $24bn

June 2011
the former BP executive (Tony Hayward) resigned from the company in the wake of the gulf of Mexico oil disaster, after being heavily criticized by US politicians

December 2011
BP has been charged by the US offshore safety regulator with five additional breaches of the regulations connected the deepwater horizon disaster in the gulf of Mexico last year BP has already been charged with seven other breaches of regulation Each citation carries a maximum daily penalty of $35000

February 2013
BP has been hit by a new $34bn (21.7bn) claim for alleged economic losses and punitive damages resulting from the Deepwater Horizon oil spill in the Gulf of Mexico The Oil company said it was confident it would not have to make additional financial provisions. BP refused to say what provisions it has already made for the $34bn claims, but admits to having taken a further $4.1bn "charge" in the final three months of 2012, bringing the total amount set aside so far to $42.2bn Worst case scenarios could mean a further $20bn of liabilities in the event of the company being found grossly negligent BP had already sold $37.8bn of assets even before its sale of its half share in the Russian joint-venture TNK-BP to Rosneft BP's overall production excluding TNK-BP was down 7% in the final three months to 2.29m barrels of oil equivalents a day The output figures were damaged by the sale of assets to pay for the Macondo blowout, and they helped drive down quarterly underlying profits by 20% in the final period, to $4bn from $5bn

The bill so far for the Deepwater Horizon disaster (Feb 2013)
Beach and other cleanup costs $14bn Early claims settled $9bn Early restoration projects $1bn Plus major legal settlements: Criminal charges with the department of justice $4bn Individual and small businesses claims through a plaintiff steering committee $7.8bn Securities and Exchange Commission claims $525m

Outstanding: Claims from local and state governments $34bn Worst case scenario damages under a Clean Water Act $21bn Natural resource damages (unquantified) BP has won back $5bn from well equity partners Anadarko and Mitsui. No settlement yet with rig operator Transocean or contractor Halliburton