News BP to pay record penalty for Gulf oil spill - Page 2

Donger · 11-15-2012, 10:10 AM

http://money.cnn.com/2012/11/15/news...html?hpt=hp_t1

I couldn't find the old thread, so...

NEW YORK (CNNMoney) -- BP will plead guilty to a dozen felony charges stemming from the 2010 Deepwater Horizon oil spill in the Gulf of Mexico, and agreed to pay $4.5 billion in government penalties, the oil company said Thursday.

Of the penalties, $4 billion will resolve criminal charges and an additional $525 million will be paid to resolve claims brought by the Securities and Exchange Commission.

The settlement is subject to federal judicial review.

"All of us at BP deeply regret the tragic loss of life caused by the Deepwater Horizon accident as well as the impact of the spill on the Gulf coast region," said Bob Dudley, BP (BP)'s CEO, in a statement. "From the outset, we stepped up by responding to the spill, paying legitimate claims and funding restoration efforts in the Gulf."

"We apologize for our role in the accident, and as today's resolution with the U.S. government further reflects, we have accepted responsibility for our actions," Dudley added.

The fine comes on top of $20 billion that the company has agreed to pay into a trust fund to meet damage claims from the spill. It said it expects to pay a final $860 million into that fund this quarter.

BP reported a $17.2 billion loss in the quarter when the explosion took place. But it has been profitable since then, booking total profits of $43 billion over the course of the subsequent nine quarters.

In April 2010, the explosion on BP's Deepwater Horizon rig killed 11 workers and fouled the Louisiana coastline and other parts of the Gulf with millions of barrels of oil. Each death resulted in a felony charge to which the company will plead guilty.

In addition, the company will plead guilty to a count of obstruction of Congress. The charge is related to statements made to a member of Congress by two BP executives about flow rate estimates during the spill. The two individuals were not identified in the company's statement.

BP also will plead guilty to one misdemeanor count under the Clean Water Act and one misdemeanor count under the Migratory Bird Treaty.

Family members of the victims who spoke to CNN Thursday said they were pleased that BP was being forced to pay for the blast, but said it doesn't make up for their loss.

"It doesn't bring my boy back, but it does show everybody that they're guilty and everybody knows it," said Billy Anderson, whose son Jason was one of the rig workers killed.

Arlene Weise lost her 24-year-old son Adam on the rig that day.

"I knew all along that BP was the devil in that accident," she said. "Now they're getting their due."

But Weise said Thursday's announcement offered only a limited sense of justice.

"It doesn't matter how much money anyone pays," she said. "It doesn't nearly amount to what we've lost."

The well was capped three months after the explosion, but in that time, the spill caused extensive environmental damage to the Gulf. Embattled CEO Tony Hayward was forced to resign, and BP shares plummeted.

BP has reached a $7.8 billion settlement with lawyers representing private-sector victims. But in September of this year, the Justice Department accused BP of gross negligence and a "culture of corporate recklessness" in a federal court filing, which expanded the company's liability.

saphojunkie · 11-15-2012, 11:01 AM

Quote:

Originally Posted by Donger

No.

You don't... believe that, do you?

**QuikSsurfer** · 11-15-2012, 11:03 AM

Quote:

Originally Posted by Donger

No.

TrueFanDave · 11-15-2012, 11:07 AM

Quote:

Originally Posted by gblowfish

What? WHAT??? BP has "Invigorate!" It makes your car go farther! Don't you believe their ads???

The BP terminal is in Sugar Creek. I know lots of fuel haulers load up there. Gas is gas is gas is gas. I would just prefer not to award BP when they fouled the gulf the way they did, and now they're weaseling their way out of paying their fare share to set things right.

You can continue to not buy their fuel, but you are still likely buying their crude.

scorpio · 11-15-2012, 11:13 AM

omg we can't punish the job creators

Deberg_1990 · 11-15-2012, 11:16 AM

Quote:

Originally Posted by saphojunkie

You don't... believe that, do you?

There was some damage, but its pretty much believed now the "Envormental Disaster cries" were waaay overblown. You can google it. Heres one link

http://www.time.com/time/magazine/ar...007428,00.html

saphojunkie · 11-15-2012, 11:29 AM

Dude, that article is from July of 2010. The damage done to the coastline and natural environment takes longer than three months. Or, think of it this way: It was capped ten days before this article. 53,000 barrels of oil gushed out TEN DAYS before this was written (and that's in one day). There's no way that the damage could have been assessed by July 29, 2010.

I don't think the damage has been as bad as feared, but it's nowhere near as minor as this guy was clearly trying to purport it to be.

lazepoo · 11-15-2012, 11:38 AM

So who's serving time for BP's felonies?
Posted via Mobile Device

KILLER_CLOWN · 11-15-2012, 12:07 PM

Quote:

Originally Posted by lazepoo

So who's serving time for BP's felonies?
Posted via Mobile Device

Their customers?

TrueFanDave · 11-15-2012, 12:11 PM

Quote:

Originally Posted by lazepoo

So who's serving time for BP's felonies?
Posted via Mobile Device

They made a mistake and they are paying for it financially.

Do you have a motor vehicle that burns a crude oil by-product?

gblowfish · 11-15-2012, 12:16 PM

The blowout leaked about five million barrels into the gulf before it was capped. There's still oil seepage leaking from the capped site. Tar balls continue to wash up on shore, and it's been two and a half years since the accident.

saphojunkie · 11-15-2012, 12:20 PM

Quote:

Originally Posted by lazepoo

So who's serving time for BP's felonies?
Posted via Mobile Device

I think two people are facing manslaughter charges.

Mr. Laz · 11-15-2012, 12:27 PM

**** all those UK bastiges

ship them all back to their island

BWillie · 11-15-2012, 12:29 PM

Who cares man. They ****ed up. Do they really deserve to be fined 4 billion dollars? I think not. Hippies freaking out cuz some fish got killed.

TrueFanDave · 11-15-2012, 12:30 PM

Quote:

Originally Posted by Laz

**** all those UK bastiges

ship them all back to their island

gblowfish · 11-15-2012, 02:28 PM

Even with $4.5 billion paid in fines (over a five year period), BP cleared $5.5 billion in profit last year. So, figure in the next five years they make $27.5 billion, and only pay $4.5 billion, they still CLEAR $23 billion during that time.

Not even a dent in their pocketbook, really. Slap on the wrist.

11-15-2012, 10:10 AM
Donger "Think BOOM!" Join Date: Nov 2003 Location: 33.675° N 106.475° W Casino cash: $120	BP to pay record penalty for Gulf oil spill http://money.cnn.com/2012/11/15/news...html?hpt=hp_t1 I couldn't find the old thread, so... NEW YORK (CNNMoney) -- BP will plead guilty to a dozen felony charges stemming from the 2010 Deepwater Horizon oil spill in the Gulf of Mexico, and agreed to pay $4.5 billion in government penalties, the oil company said Thursday. Of the penalties, $4 billion will resolve criminal charges and an additional $525 million will be paid to resolve claims brought by the Securities and Exchange Commission. The settlement is subject to federal judicial review. "All of us at BP deeply regret the tragic loss of life caused by the Deepwater Horizon accident as well as the impact of the spill on the Gulf coast region," said Bob Dudley, BP (BP)'s CEO, in a statement. "From the outset, we stepped up by responding to the spill, paying legitimate claims and funding restoration efforts in the Gulf." "We apologize for our role in the accident, and as today's resolution with the U.S. government further reflects, we have accepted responsibility for our actions," Dudley added. The fine comes on top of $20 billion that the company has agreed to pay into a trust fund to meet damage claims from the spill. It said it expects to pay a final $860 million into that fund this quarter. BP reported a $17.2 billion loss in the quarter when the explosion took place. But it has been profitable since then, booking total profits of $43 billion over the course of the subsequent nine quarters. In April 2010, the explosion on BP's Deepwater Horizon rig killed 11 workers and fouled the Louisiana coastline and other parts of the Gulf with millions of barrels of oil. Each death resulted in a felony charge to which the company will plead guilty. In addition, the company will plead guilty to a count of obstruction of Congress. The charge is related to statements made to a member of Congress by two BP executives about flow rate estimates during the spill. The two individuals were not identified in the company's statement. BP also will plead guilty to one misdemeanor count under the Clean Water Act and one misdemeanor count under the Migratory Bird Treaty. Family members of the victims who spoke to CNN Thursday said they were pleased that BP was being forced to pay for the blast, but said it doesn't make up for their loss. "It doesn't bring my boy back, but it does show everybody that they're guilty and everybody knows it," said Billy Anderson, whose son Jason was one of the rig workers killed. Arlene Weise lost her 24-year-old son Adam on the rig that day. "I knew all along that BP was the devil in that accident," she said. "Now they're getting their due." But Weise said Thursday's announcement offered only a limited sense of justice. "It doesn't matter how much money anyone pays," she said. "It doesn't nearly amount to what we've lost." The well was capped three months after the explosion, but in that time, the spill caused extensive environmental damage to the Gulf. Embattled CEO Tony Hayward was forced to resign, and BP shares plummeted. BP has reached a $7.8 billion settlement with lawyers representing private-sector victims. But in September of this year, the Justice Department accused BP of gross negligence and a "culture of corporate recklessness" in a federal court filing, which expanded the company's liability.
Posts: 69,210

11-15-2012, 11:13 AM	#19
scorpio Starter Join Date: Apr 2006 Casino cash: $8304	omg we can't punish the job creators
Posts: 520

11-15-2012, 11:29 AM	#21
saphojunkie Veteran Join Date: Aug 2011 Casino cash: $27057	Dude, that article is from July of 2010. The damage done to the coastline and natural environment takes longer than three months. Or, think of it this way: It was capped ten days before this article. 53,000 barrels of oil gushed out TEN DAYS before this was written (and that's in one day). There's no way that the damage could have been assessed by July 29, 2010. I don't think the damage has been as bad as feared, but it's nowhere near as minor as this guy was clearly trying to purport it to be. __________________ ANDREW WIGGINS - THE GAME ENDER Last edited by saphojunkie; 11-15-2012 at 11:34 AM..
Posts: 2,808

11-15-2012, 11:38 AM	#22
lazepoo Wizard Join Date: Apr 2007 Location: Mpls Casino cash: $19216	So who's serving time for BP's felonies? Posted via Mobile Device
Posts: 463

11-15-2012, 12:16 PM	#25
gblowfish Be Kind To Your Pets Join Date: Jun 2002 Location: Glorious Independence, MO Casino cash: $3138126	The blowout leaked about five million barrels into the gulf before it was capped. There's still oil seepage leaking from the capped site. Tar balls continue to wash up on shore, and it's been two and a half years since the accident.
Posts: 21,377

11-15-2012, 12:27 PM	#27
Mr. Laz Don't Tease Me Join Date: Dec 2000 Location: KS Casino cash: $396639	**** all those UK bastiges ship them all back to their island
Posts: 74,372

11-15-2012, 12:29 PM	#28
BWillie Bwilliepoker @ twitter Join Date: Apr 2006 Location: Harpooning Whales Casino cash: $13392338	Who cares man. They **ed up. Do they really deserve to be fined 4 billion dollars? I think not. Hippies freaking out cuz some fish got killed. __________________ Place your bets, play poker @ http://download.lockpoker.com/120149 Online Gaming is NOT dead! Contact me & I can get you a great rakeback deal!**
Posts: 12,705

11-15-2012, 02:28 PM	#30
gblowfish Be Kind To Your Pets Join Date: Jun 2002 Location: Glorious Independence, MO Casino cash: $3138126	Even with $4.5 billion paid in fines (over a five year period), BP cleared $5.5 billion in profit last year. So, figure in the next five years they make $27.5 billion, and only pay $4.5 billion, they still CLEAR $23 billion during that time. Not even a dent in their pocketbook, really. Slap on the wrist.
Posts: 21,377

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