This is the hideously expensive price for being CHEAP!

frankly, I wished Macondo had bankrupted BP! They had the chance to play it safe and spend the money to cement the well properly but they played loose and dangerous and look at where that got them? A FUCKING DISASTER OF HISTORIC PROPORTIONS!

[B]BP sees red over Deepwater Horizon[/B]

Written by Melissa Sustaita Tuesday, 28 July 2015 08:46

The 2010 Deepwater Horizon spill came back to haunt BP once again in 2Q 2015, as the company reported a massive loss of US$6.3 billion, largely due to the deadly Gulf of Mexico incident.

The UK supermajor’s total costs for Macondo came in at $10.8 billion for 2Q, which included the $9.8 billion associated with government settlements, business economic claims, and ongoing costs. The total cumulative pre-tax charge for the incident is now $54.6 billion.

Following the agreements in principle announced on 2 July, BP has now advised the Court that it is satisfied with and has accepted releases received from the vast majority of local government entities. Accordingly, on 27 July, the District Court ordered BP to commence processing payments required under the releases and that such payments be made within 30 days of the Court’s order. As part of the agreements in principle, BP agreed to pay up to $1 billion to resolve claims made by local government entities, BP said in its quarterly results.

In addition to Macondo, BP attributed its 2Q 2015 losses to low oil and gas prices, reduced contribution from Russia’s Rosneft, and around $600 million of exploration write-offs and other costs related to BP’s activities in Libya stemming from circumstances in the country.

BP’s underlying replacement cost profit for 2Q came in at $1.3 billion, a 50% drop from 1Q 2015 at $2.6 billion, and a nearly 64% drop from 2Q 2014 of $3.6 billion.

BP noted in its report that Brent crude prices averaged $62/bbl in 2Q 2015, compared to $54/bbl in 1Q, and $110/bbl in 2Q 2014. In 3Q 2015, the company is estimating the Brent average will be about $58/bbl.

“In the past few weeks oil prices have fallen back in response to continued oversupply and market weakness and the recent agreements regarding Iran. I am confident that positioning BP for a period of weaker prices is the right course to take, and will serve the company well for the future,” said Bob Dudley, BP Group chief executive.

BP also saw a decrease in its operating cash flow. In 2Q 2015, it was $6.3 billion, a 23% fall from last year’s $7.9 billion.

BP’s simplification and efficiency programs to sustainably reduce non-safety-critical cash costs are delivering results throughout the Group; total cash costs in 2015 to date are estimated to be around $1.7 billion lower than the same period last year. In 2Q BP took a further $270 million non-operating restructuring charge, bringing the total over the past three quarters to $920 million. BP now expects restructuring charges to total near to $1.5 billion by end-2015, the company said.

The quarter’s report announced the commencement of the Greater Plutonio Phase III project offshore Angola, the company’s second major upstream project start-up in 2015. An additional two projects are expected before year-end.

Earlier this month, BP reached an $18.7 billion settlement agreement to be paid over an 18-year period for the Deepwater Horizon incident. The agreement came less than one week after the US Supreme Court declined to hear the company’s appeal.

The settlement will be paid to federal, state, five Gulf Coast states including Alabama, Florida, Louisiana, Mississippi, and Texas, and more than 400 local government entities. Payments will be made by BP US upstream subsidiary BP Exploration and Production Inc.

couldn’t have happened to a nicer company…well, maybe Shell or Petrobraz

What about the 11 people who were KILLED ? Five years and nobody’s in jail yet.

[QUOTE=AHTS Master;166401]What about the 11 people who were KILLED ? Five years and nobody’s in jail yet.[/QUOTE]
didnt the guy who deleted his phone data go to prison?

[QUOTE=AHTS Master;166401]What about the 11 people who were KILLED ? Five years and nobody’s in jail yet.[/QUOTE]

Indeed sir…the company men aboard plea the fifth and health problems then skate off to retirement…CRIMINAL!

[B]Judge delays trial for two BP well site leaders[/B]

Posted on February 20, 2014 | By Associated Press

NEW ORLEANS — The trial for two BP employees charged in the deadly 2010 explosion on the Deepwater Horizon drilling rig has been put on hold while a federal appeals court considers the dismissal of some of the manslaughter charges filed against them.

The case involves BP well site leaders Robert Kaluza and Donald Vidrine. They were indicted on 22 manslaughter counts in connection with the deaths of 11 rig workers. Both have pleaded not guilty.

On Dec. 10, U.S. District Judge Stanwood Duval Jr. ruled that charging them with 11 counts of “seaman’s manslaughter” exceeded the intended scope of the statute in connection with their job duties.

The U.S. Department of Justice appealed Duval’s decision to the 5th U.S. Circuit Court of Appeals.

Eleven involuntary manslaughter counts remain against the two. However, Duval suspended all remaining activity in the case pending the appeal on the other 11 charges.

“While it is clear that the statute affords the appellate court jurisdiction over the counts dismissed by this court, it is uncertain whether this court retains jurisdiction over the remaining counts,” he wrote.

The suspension postpones a scheduled June 12 trial date.

Prosecutors claim Kaluza and Vidrine botched a key safety test and disregarded abnormally high pressure readings that were glaring signs of trouble before the April 2010 blowout of BP’s Macondo well. The blowout triggered an explosion that killed the 11 workers and led to millions of gallons of oil spewing into the Gulf of Mexico off the coast of Louisiana.

bet that judge is retired now at a new beachside mansion in the Bahamas!

“67% of the blame for the spill to BP, 30% to Transocean, and 3% to Halliburton”

Why was BP apportioned so much blame?

Surely Transocean are more to blame as the rig operator, than BP who were only chartering it, how can they be to blame when it’s transocean who were not up to the job.

[QUOTE=follow40;166518]“67% of the blame for the spill to BP, 30% to Transocean, and 3% to Halliburton”

Why was BP apportioned so much blame?

Surely Transocean are more to blame as the rig operator, than BP who were only chartering it, how can they be to blame when it’s transocean who were not up to the job.[/QUOTE]

It’s because it was BP that was actually calling the shots.

A general contractor can say they require the sub-contractors to follow the rules and require them to sign paperwork saying they understand they are responsible to follow all rules and regulations etc. However in fact the general contractor can encourage taking short cuts, for example the general contractor can see the sub’s violations and ignore them and threaten to fire or punish subs unless production is increased and so forth.

It’s about how much authority the party actually has, not how much they have on paper. People who need to get things done learn quickly who is actually running the show.