TNK-BP, which is a joint venture between BP Plc (NYSE:BP) and a group of Russian billionaires, announced they'll be paying out an interim dividend of $4.16 billion to their shareholder.
The 50-50 joint venture, will pay an interim dividend for a nine-month period.
The amount of the dividend will be more than than the company generated in first-half net income. Dividends paid out in the first half were $2.434 billion.
In November TNK-BP shareholders will vote on whether or not to approve the dividend. It will be the highest dividend paid out in the history of the joint venture if it is approved.
Results for the third quarter of the company have yet to be announced.
Showing posts with label BP PLC. Show all posts
Showing posts with label BP PLC. Show all posts
Tuesday, October 12, 2010
Shell (NYSE:RDS-a) CEO Blasts BP (NYSE:BP) Report
Royal Dutch Shell Plc (NYSE:RDS-a) chief executive officer Peter Voser came out swinging today against the design of the well used for Macondo and the way BP (NYSE:BP) conducted the investigation into the reasons why it failed.
Voser's conclusion that BP used less expensive options in order to increase profits at the expense of safety lines up with the conclusions of lawmakers in the U.S. that in part is seemed part of the BP practices at this particular oil well.
"Shell clearly would have drilled this well in a different way and would have had more options to prevent the accident," asserted Voser. He was talking about using more barriers than BP did to prevent leaks in the design of the well.
Concerning Shell's projects in the Gulf of Mexico, Voser said they would be more selective in who they worked with, making sure the companies had the expertise and ability to help pay for the costs if an accident were to occur.
That was and is a major problem for BP, which is struggling to get some of their smaller partners to pay. And even if and when they pay, there will be limitations on how much they will be able to pay.
Voser's conclusion that BP used less expensive options in order to increase profits at the expense of safety lines up with the conclusions of lawmakers in the U.S. that in part is seemed part of the BP practices at this particular oil well.
"Shell clearly would have drilled this well in a different way and would have had more options to prevent the accident," asserted Voser. He was talking about using more barriers than BP did to prevent leaks in the design of the well.
Concerning Shell's projects in the Gulf of Mexico, Voser said they would be more selective in who they worked with, making sure the companies had the expertise and ability to help pay for the costs if an accident were to occur.
That was and is a major problem for BP, which is struggling to get some of their smaller partners to pay. And even if and when they pay, there will be limitations on how much they will be able to pay.
Friday, May 14, 2010
BP (NYSE:BP) CEO Says Job in Jeopardy
BP (NYSE:BP) CEO Tony Hayward admitted today that his job could be in jeopardy as a result of the explosion on the oil rig Deepwater Horizon, which is spewing out oil into the Gulf of Mexico.
Hayward said there is no existing pressure to step down from his position, but added that the circumstances could change quickly depending on the results of the response of the company going forward.
So far costs to stop the spill have exceeded £300 million, and it's increasing at a rate of £6 million daily.
There are over 5,500 vessels now combating the oil spill, with 5,000 of them small fishing boats who are laying 1.2 million feet of booms to protect the coastlines, 500 larger vessels are skimming oil off the surface of the Gulf, and an additional 4 Hercules aircraft which are spraying dispersants on the area.
If the second attempt to place a device over the leak doesn't work, which would attempt to bring the oil up to the surface to ships, then it's unclear what the next step would be, though some have thrown out the idea of somehow putting debris of some sort over the leak to "stuff" it.
Hayward said there is no existing pressure to step down from his position, but added that the circumstances could change quickly depending on the results of the response of the company going forward.
So far costs to stop the spill have exceeded £300 million, and it's increasing at a rate of £6 million daily.
There are over 5,500 vessels now combating the oil spill, with 5,000 of them small fishing boats who are laying 1.2 million feet of booms to protect the coastlines, 500 larger vessels are skimming oil off the surface of the Gulf, and an additional 4 Hercules aircraft which are spraying dispersants on the area.
If the second attempt to place a device over the leak doesn't work, which would attempt to bring the oil up to the surface to ships, then it's unclear what the next step would be, though some have thrown out the idea of somehow putting debris of some sort over the leak to "stuff" it.
Wednesday, May 12, 2010
BP (NYSE: BP) Pressured to Pay for Florida Ads
In a cynical move to take advantage of the oil spill off the coast of Louisiana, Florida Governor Charlie Crist is asking BP (NYSE:BP) to fork over $35 million to pay for an ad campaign telling potential tourists that the waters of Florida don't have any oil tainting the shorelines.
I know what, maybe Boston and other cities should do the same thing. Nice strategy if it works. Just put out an ad campaign saying the oil spill in Lousiana isn't affecting your beaches and BP will pay for it.
Allegedly "thousands" of fearful tourists have canceled or refused to make reservations to visit the area. That's even nutty when you look at it. Now BP is going to be pressured to pay for an ad campaign because people don't make reservations.
Every hotel and motel in Florida can send a bill to BP because people aren't making reservations there. Can they be that stupid? I guess Crist is, probably why he's getting clobbered in the ratings in the state.
The fact that we're still in a recession and people weren't going to book vacations at prior levels doesn't seem to compute with these people.
Talk about shaking down a company in an opportunistic way because they're being perceived negatively from press reports.
BP has already paid out $25 million for expenses related to the spill to Florida, now they want $35 million more to spend on advertising.
Crist had the gall to say he was going to use some of that $25 million already paid for the advertising campaign, but got the brilliant idea of shaking down BP for more.
According to the Florida Restaurant and Lodging Association, occupancy rates are normally at 90 percent or over this time of the year. Of course they didn't mention where they've been at during the recession, which most believe is still going on.
So the idea that Florida businesses should receive millions in advertising to market themselves in a way that says the oil spill hasn't hit there coastlines is ridiculous. Anyone watching the news knows that, and they're just making excuses because of the recessionary pressures on the state, which has been the culprit of their struggling businesses, not a make believe situation that BP is being asked to pay $35 million to counter via advertising.
Think of it. BP is being asked to pay $35 million so Florida can say something hasn't happened to them. I sure hope they don't cave in on this, or they'll be paying for every opportunistic politician trying to buy some votes.
I know what, maybe Boston and other cities should do the same thing. Nice strategy if it works. Just put out an ad campaign saying the oil spill in Lousiana isn't affecting your beaches and BP will pay for it.
Allegedly "thousands" of fearful tourists have canceled or refused to make reservations to visit the area. That's even nutty when you look at it. Now BP is going to be pressured to pay for an ad campaign because people don't make reservations.
Every hotel and motel in Florida can send a bill to BP because people aren't making reservations there. Can they be that stupid? I guess Crist is, probably why he's getting clobbered in the ratings in the state.
The fact that we're still in a recession and people weren't going to book vacations at prior levels doesn't seem to compute with these people.
Talk about shaking down a company in an opportunistic way because they're being perceived negatively from press reports.
BP has already paid out $25 million for expenses related to the spill to Florida, now they want $35 million more to spend on advertising.
Crist had the gall to say he was going to use some of that $25 million already paid for the advertising campaign, but got the brilliant idea of shaking down BP for more.
According to the Florida Restaurant and Lodging Association, occupancy rates are normally at 90 percent or over this time of the year. Of course they didn't mention where they've been at during the recession, which most believe is still going on.
So the idea that Florida businesses should receive millions in advertising to market themselves in a way that says the oil spill hasn't hit there coastlines is ridiculous. Anyone watching the news knows that, and they're just making excuses because of the recessionary pressures on the state, which has been the culprit of their struggling businesses, not a make believe situation that BP is being asked to pay $35 million to counter via advertising.
Think of it. BP is being asked to pay $35 million so Florida can say something hasn't happened to them. I sure hope they don't cave in on this, or they'll be paying for every opportunistic politician trying to buy some votes.
Tuesday, May 11, 2010
BP (LON:BP) Ready with Second Oil Containment Dome
BP (LON:BP) (NYSE:BP) is ready with a second oil containment dome, which is smaller than the first, but built to perform the same task, to stop the flow of oil leaking from the ocean floor in the Gulf of Mexico.
The new dome is on its way to the point where the oil is leaking, and BP said it hopes it will be ready to place it over the leak on Thursday.
Once its lowered almost a mile down, it will then be taken by robotic submarines and prepared to be placed over the leak.
The problem of ice blocking the new dome will hopefully be solved by the inclusion a design which will allow methanol to be pumped up into the dome in order to keep the ice from forming and blocking the flow of oil up through it to the surface.
A pipe about 500 feet long will have the oil siphoned through it, which would ultimately find its way to the surface to be collected there by ships.
The new dome is on its way to the point where the oil is leaking, and BP said it hopes it will be ready to place it over the leak on Thursday.
Once its lowered almost a mile down, it will then be taken by robotic submarines and prepared to be placed over the leak.
The problem of ice blocking the new dome will hopefully be solved by the inclusion a design which will allow methanol to be pumped up into the dome in order to keep the ice from forming and blocking the flow of oil up through it to the surface.
A pipe about 500 feet long will have the oil siphoned through it, which would ultimately find its way to the surface to be collected there by ships.
Thursday, May 6, 2010
BP (LSE:BP) Ready to Lower Steel Box
BP (LSE:BP) (NYSE:BP) is about ready to start lowering the huge box made of concrete in steel in hopes of shutting off the flow of oil into the ocean.
The company has been careful to note they've never done something like this before, and there's no guarantee it'll work.
It's obviously worth a try though, but it is extremely complex and being attempted about 5,000 feet below the surface, which brings a number of challenges with it.
Ice filling the pipes is one of them, and the possibility of an explosion when the mixture of oil, gas and water is attempted to be separated. The ice problem will be attempted to be handled by pumping methanol and warm water through it
It could take up to four hours to lower it to the ocean floor, and it has already been delayed by fumes rising from the water surface which a spark from metal on metal could start a fire.
The company has been careful to note they've never done something like this before, and there's no guarantee it'll work.
It's obviously worth a try though, but it is extremely complex and being attempted about 5,000 feet below the surface, which brings a number of challenges with it.
Ice filling the pipes is one of them, and the possibility of an explosion when the mixture of oil, gas and water is attempted to be separated. The ice problem will be attempted to be handled by pumping methanol and warm water through it
It could take up to four hours to lower it to the ocean floor, and it has already been delayed by fumes rising from the water surface which a spark from metal on metal could start a fire.
Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), ConocoPhillips (NYSE:COP) Bidding on Iraq Gas Fields
Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX) and ConocoPhillips (NYSE:COP), among a number of other energy companies, have been invited to bid on licenses for three major gas fields in Iraq; the Akkas field, the Mansouriya field and the Siba field.
Iraq is rated as the 11th in size for natural gas reserves, with an estimated 3.15 trillion cubic meters. Production at this time stands at 1.64 billion cubic feet a day.
The gas fields are being offered for auction because of the shortage of natural gas needed to run the power generators in Iraq, which at this time are providing less that half of what the country needs.
Other companies among the 45 invited to the auction include BP PLC (LSE:BP) (NYSE: BP), Occidental Petroleum (NYSE:OXY), Royal Dutch Shell (NYSE: RDS-A) and Total SA (NYSE:TOT).
Iraq is rated as the 11th in size for natural gas reserves, with an estimated 3.15 trillion cubic meters. Production at this time stands at 1.64 billion cubic feet a day.
The gas fields are being offered for auction because of the shortage of natural gas needed to run the power generators in Iraq, which at this time are providing less that half of what the country needs.
Other companies among the 45 invited to the auction include BP PLC (LSE:BP) (NYSE: BP), Occidental Petroleum (NYSE:OXY), Royal Dutch Shell (NYSE: RDS-A) and Total SA (NYSE:TOT).
Halliburton (NYSE:HAL), Transocean (NYSE:RIG), BP (NYSE:BP) Told to Keep Evidence
Halliburton (NYSE:HAL), Transocean (NYSE:RIG) and BP (NYSE:BP) (LON:BP) have reportedly been contacted by the U.S. Justice Department concerning keeping evidence related to the oil rig explosion on the Deepwater Horizon.
Transocean confirmed it had received a letter from the Justice Deparment yesterday.
While refusing to identify the specific companies, the Justice Department confirmed they had sent out several letters communicating to the companies to preserve their records concerning the incident.
Transocean confirmed it had received a letter from the Justice Deparment yesterday.
While refusing to identify the specific companies, the Justice Department confirmed they had sent out several letters communicating to the companies to preserve their records concerning the incident.
Thursday, April 29, 2010
BP (NYSE:BP) Drops About $26 Billion After Oil Rig Explosion
It's hard to tell at this time what the ultimate damage to BP (LON:BP) (NYSE:BP) will be, but it has already lost close to $26 billion in market value just since last week when their offshore oil rig exploded,
The cost in human life is presumed to be 11, oil continues to drain from the seabed at an estimated 5,000 barrels a day, and the news will continue to remind everyone that it is happening day after day until they control of the situaton.
With BP to be responsible for the costs of the cleanup, the public relations disaster along with that could punish them for some time to come.
The problem is no one knows how bad it'll get before things turn around in the cleanup, so that keeps a cloud dangling over the head of BP until that is figured out.
It's scary to think of the market value loss already experienced in a few days and what it may end up being.
The cost in human life is presumed to be 11, oil continues to drain from the seabed at an estimated 5,000 barrels a day, and the news will continue to remind everyone that it is happening day after day until they control of the situaton.
With BP to be responsible for the costs of the cleanup, the public relations disaster along with that could punish them for some time to come.
The problem is no one knows how bad it'll get before things turn around in the cleanup, so that keeps a cloud dangling over the head of BP until that is figured out.
It's scary to think of the market value loss already experienced in a few days and what it may end up being.
Saturday, April 24, 2010
BP (LSE:BP) Production Not Affected by Oil Rig Explosion
After the explosion in connection with the oil rig drilling in the Gulf of Mexico, BP (LSE:BP) (NYSE:BP) shareholders were wondering how that would have an impact on oil production.
As far as the area the company was drilling in, it was a relatively small deposit and won't have any significant impact on oil supplies for the company.
The estimate was for less than 100 million barrels at the location, and was only being considered commercially because it was nearby other pipliines.
In that particular area BP produces about 450,000 barrels a day, about 12 percent of BP's total production.
As far as the area the company was drilling in, it was a relatively small deposit and won't have any significant impact on oil supplies for the company.
The estimate was for less than 100 million barrels at the location, and was only being considered commercially because it was nearby other pipliines.
In that particular area BP produces about 450,000 barrels a day, about 12 percent of BP's total production.
Wednesday, April 21, 2010
Transocean (NYSE:RIG) Oil Rig Explosion - 11 Still Missing
Update: Search for 11 missing workers stopped
As of this writing, at least 11 workers at a oil rig off the Louisiana coast run by Transocean (NYSE:RIG) and contracted out to BP PLC (NYSE:BP) are missing after an explosion rocked the oil platform.
There were 126 workers at the oil rig when the explosion occurred, most of which escaped the blast, which happened at about 10 p.m. Tuesday night.
Of those accounted for, seven of them have been critically injured according to Cost Guard reports. Boats and helicopters have been scouring the area for any signs of potential survivors who are still missing.
Reports the missing workers escaped on a lifeboat which drifted away while the rescue was going on makes hopes high that they'll be found and recovered.
The oil platform, named Deepwater Horizon, was what is called a semisubmersible, which means it floats and is held in place by small thrusters.
Transocean was responsible for the safety of the rig, which was approximately 50 miles southeast of Venice on Louisiana's tip.
As of this writing, at least 11 workers at a oil rig off the Louisiana coast run by Transocean (NYSE:RIG) and contracted out to BP PLC (NYSE:BP) are missing after an explosion rocked the oil platform.
There were 126 workers at the oil rig when the explosion occurred, most of which escaped the blast, which happened at about 10 p.m. Tuesday night.
Of those accounted for, seven of them have been critically injured according to Cost Guard reports. Boats and helicopters have been scouring the area for any signs of potential survivors who are still missing.
Reports the missing workers escaped on a lifeboat which drifted away while the rescue was going on makes hopes high that they'll be found and recovered.
The oil platform, named Deepwater Horizon, was what is called a semisubmersible, which means it floats and is held in place by small thrusters.
Transocean was responsible for the safety of the rig, which was approximately 50 miles southeast of Venice on Louisiana's tip.
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