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Old 11-15-2012, 11:10 AM  
Donger Donger is offline
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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.
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Old 07-02-2015, 05:22 PM   #46
Mrs. Loopner Mrs. Loopner is offline
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Originally Posted by suzzer99 View Post
Then why doesn't BP just raise prices now? Are you saying they're so dumb as to leave free money on the table?

FWIW - I get what you're saying and it does seem like this could raise prices across the board. But most likely it's because of increased insurance premiums for everyone, not BP raises prices then everyone else follows. At some point BP will just have to eat a lot of this settlement and go from being insanely profitable to wildly profitable for a while. Oh the horror.

Also did you see that BP's stock jumped 5% on the news? Clearly the street was expecting worse. So we should theoretically see prices fall now.
What would they have raised their prices to without knowing how much of a hit they would get?
Eating any of the settlement is out of the question. Happy stockholders makes the world go 'round and is the only thing that's important.
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Old 07-02-2015, 05:25 PM   #47
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Originally Posted by suzzer99 View Post
Then why doesn't BP just raise prices now? Are you saying they're so dumb as to leave free money on the table?

FWIW - I get what you're saying and it does seem like this could raise prices across the board. But most likely it's because of increased insurance premiums for everyone, not BP raises prices then everyone else follows. At some point BP will just have to eat a lot of this settlement and go from being insanely profitable to wildly profitable for a while. Oh the horror.

Also did you see that BP's stock jumped 5% on the news? Clearly the street was expecting worse. So we should theoretically see prices fall now.
Yes I agree the outcome was not as bad as expected
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Old 07-02-2015, 05:32 PM   #48
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Originally Posted by Mrs. Loopner View Post
What would they have raised their prices to without knowing how much of a hit they would get?
Eating any of the settlement is out of the question. Happy stockholders makes the world go 'round and is the only thing that's important.
You know what stockholders really don't like? When you raise your prices so much that customers go elsewhere and profits fall. If BP could charge more for oil they should already be doing it, otherwise they're not very good at their business.
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Old 07-02-2015, 07:46 PM   #49
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Originally Posted by Donger View Post
This topic was discussed in the thread that was created during the spill ( I think). The damage was relatively light and nowhere even close to the prognostications of doom that some were saying was going to happen.

relatively light, what does that mean and what gauge are you using?
prognostications are meaningless at this point.

NPR - 5 Years After BP Oil Spill, Effects Linger And Recovery Is Slow
Audio and article
http://www.npr.org/2015/04/20/400374...covery-is-slow

excerpt
"The oil coated the roots of those mangrove trees and then they died," Marshall says. "And without the mangroves to hold the islands together, within three years most of those islands were gone."

Louisiana was already losing land at an alarming rate, but scientists confirm that the oil spill accelerated the pace. Barataria Bay has lost key bird nesting islands, and federal government studies indicate that dolphins here in the bay are sick and dying at a higher rate than normal and show signs of oil poisoning.



excerpt
In Bon Secour, Ala., fourth-generation oysterman Chris Nelson shows off his family's seafood processing plant, Bon Secour Fisheries. About a dozen shuckers are at work at stainless steel tables, slipping a knife into oyster shells to extract the meat.

"We call this our opening house," Nelson says. "A lot of people call this a shucking house."

Half the tables here are idle.

"Our business is still struggling here at Bon Secour Fisheries because of the lack of oyster production," Nelson says. "I place the blame for that on the oil spill."

Nelson is on the Gulf States Marine Fisheries Commission. He says one of the most productive public oyster reefs in the country east of the Mississippi river off the Louisiana coast is not producing like it should.
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Old 07-03-2015, 05:39 AM   #50
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Originally Posted by suzzer99 View Post
Yes, they will raise their prices above everyone else and we'll all still pay, even though we can get gas cheaper at a Shell station next door. That's just Econ 101.


What added value do you get at BP that forces you to ignore Shells bargain price?
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Old 07-03-2015, 09:19 AM   #51
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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.
So walk
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Old 07-03-2015, 08:23 PM   #52
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Originally Posted by suzzer99 View Post
Yes, they will raise their prices above everyone else and we'll all still pay, even though we can get gas cheaper at a Shell station next door. That's just Econ 101.
Not after this happens...



These companies know when to stick together and when to whisper at meetings of people that don't ever happen because there are no minutes.
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Old 07-03-2015, 09:51 PM   #53
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So we should never punish them when they destroy the environment? That's the can-do spirit that made America great! Let's just give up and let them run roughshod over us.
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Old 07-03-2015, 10:00 PM   #54
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So we should never punish them when they destroy the environment? That's the can-do spirit that made America great!
I don't think anybody's suggesting that, I think we're just passing along the reality, in this case, that by hook or by crook, the industry will work as a team to keep the pain to the industry to a minimum. I suspect they'll all whisper-agree to compete another day, but not when it's something brought-on by something that could happen to any of them.

Barry will get his cash, by the time it's spent most of the coin will prolly go to further his global warming agenda and to get a Dem, any Dem, elected. So don't worry, all our money will end up in Barry's checking account.

And a few of my employees live and work on the Fla gulf coast, they say it's better than ever. Ones a huge liberal, so it was an interesting conversation when he made the argument that his just-north-of-Panama City beaches were totally awesome and I too should move there since I was a navy diver. I really didn't try to set him up, but I had to ask how that could be true since BP killed the entire area for generations to come.

It's all good, it's just politics and fun...
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