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Two years after the fatal BP Deepwater Horizon explosion and resulting oil spill in the Gulf of Mexico, the financial effects are still being felt by the oil giant.

In spite of BP’s Chief Executive, Bob Dudley’s prediction last fall that the worst was over for BP and that they had “turned the corner”, BP just posted a disappointing financial second quarter. Their net loss was $1.4 billion. Last year, BP posted $5.72 billion in profits. After reviewing their second quarter loss, Bob Dudley said: “We recognize this was a weak earnings quarter, driven by a combination of factors affecting both the sector and BP specifically.”

Factors Affecting BP’s Profit Margin Including the 2010 Deepwater Horizon Explosion

While there are many factors affecting BP’s profit margin, such as writing down the value of U.S. shale gas assets and suspending an offshore oil field in Alaska, a hefty portion of BP’s profits were eaten away by [...]

On Monday, March 26, a study was published which proves that the oil from the BP oil spill of April 2010 is linked to the injured and dying corals in the Gulf waters. The damaged coral reef about seven miles southwest of BP’s Macondo well was covered in a black, heavy mucous material.

Researchers from Penn State University, Temple University, Woods Hole Oceanographic Institution, and the U.S. Geological Survey published their findings after studying the Gulf waters coral communities in the Proceedings of the National Academy of Sciences.

The scientists discovered the once brightly colored coral in October 2010 and suspected that the BP oil spill might be the culprit. Oil is naturally found in the Gulf so it was necessary for the research team to pinpoint the source of the slow death of the 54 coral communities.

Oil is Found to be From the Deepwater Horizon Explosion

Oil is made up of complex mixtures [...]

It has only been a few days since the $7.8 billion agreement between BP PLC and the steering committee for a large group of plaintiffs. While it still needs to be cleared by the federal courts, there are some that have yet to be won over by the settlement offer.

Critics are not sure that this agreement will be better for those hurt by the BP Oil Spill of 2010 than the $20 billion compensation fund established by BP in 2010 and administered by the Gulf Coast Claims Facility.

BP Settlement News

The news of a partial settlement does indicate that perhaps claims will be resolved that the GCCF was unwilling or unable to satisfy. In addition, the new arrangement may result in higher dollar amounts for claimants that do qualify. But there is still unanswered questions concerning the timing of these payments and uncertainty about further delays in the resolution of claims. While it [...]

Early in February, BP Oil seemed ready to start settling the many lawsuits filed against the second largest oil giant as a result of the 2010 Deepwater Rig explosion and the resulting oil spill in the Gulf. However, almost immediately after stating their readiness to settle, BP Oil announced that they were prepared to fight the civil lawsuits and the government litigation which were scheduled to begin February 27.

Confident BP Oil announced a rise in their fourth quarter earnings and increased its quarterly dividend from 7 cents to 8 cents a share.

BP Preparing ‘Vigorously’ As Start of Gulf Oil Spill Lawsuits Nears –

US Officials are negotiating with BP because of claims that the BP Oil spill has left the company liable for as much as &17.6 billion in fines due to BP violations of the Clean Water Act. 4.1 million barrels were spilled in the offshore oil spill which makes this the biggest in US history.

BP was scheduled to begin trial before US District Judge Carl Barbier to face claims filed by business owners and residents from the Gulf Coast region.

BP said to seek settlement of spill claims


The federal trial for BP oil spill has been delayed for a week by US District Judge Carl Barbier because BP Oil is making progress in their settlement talks. The trial was originally scheduled to begin February 27 in New Orleans.

In a joint news release, BP Oil and the Plaintiffs Steering Committee stated that the two were working on an agreement that would “fairly compensate people and businesses affected by the Deepwater Horizon accident and oil spill.”

“There can be no assurance that these discussions will lead to a settlement agreement,” according to the joint statement.

The trial is now scheduled to start March 5 and will hopefully decide how much BP and other companies that are involved will pay those that have filed claims because of the 2010 Deepwater Horizon explosion and BP oil spill.

Trial in BP oil spill delayed

Thousands of Gulf Coast residents and business owners are waiting for the start of the BP Oil trial scheduled to start February 27 in a New Orleans federal court. The trial will determine how and who will compensate those affected as a result of the BP Oil Spill in 2010.

Many coastal workers are still unemployed or without their livelihood due to the contamination from the BP Oil spill. From tourism to the fishing industry, almost all that worked on the Gulf Coast have been economically affected by the spill and have not yet recovered.

BP Spill Victims Still Feel Economic Impact as Trial Nears

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