4/25/2011 - 4/25/2012
Effects of Deepwater Horizon Oil Spill on BP ADR stock.
On April 20, 2010, a semi-submersible exploratory offshore drilling rig in the Gulf of Mexico exploded after a blowout and sank two days later, killing eleven people and causing a massive oil spill.
BP reported net profit for the first quarter of 2009 that was 62% lower when compared to profits from the same quarter in 2008. BP attributes the fall in profits to the decline in oil prices.
-BP placed a $82 million order with FMC Technologies for new exploration and production equipment. The new order will upgrade its current equipment used for deep water exploration in the Gulf of Mexico region.
-BP and BG Group have agreed to exchange a package of assets located in North Korea. This exchange of primarily oceanic oil fields is intended to improve BP's position as a major operator in the Southern North Sea. The approximate value of assets agreed to be exchanged is $446 million.
BP and Gazprom are unable to form a partnership in Russia. BP-Backed CEO of TNK-BP flees Russia. New CEO will be named by Russian Investors, who have a 50% financial stake in the company.
Oil falls from record highs for a barrel of crude from $144 to under $66.
BP enters a $1.9 billion deal with Chesapeake Energy for a 25% stake in the company's Fayetteville Shale assets.
BP pays $1.75 billion to enter and produce unconventional gas fields in Oklahoma.
TNK BP shareholders go up in arms, claiming BP's TNK-BP CEO is acting only in the best interest of BP; however, BP refuses to remove the CEO of the $20 billion project, causing investors to worry that the company will be forced to sell its share in the group - or worse see its assets nationalized.
The company plans to merge its gas, power and renewable-energy business into its E&P and Refining & Marketing divisions reducing the number of divisions 3 to 2. The new structure is meant to reduce the complexity in BP's operations and thereby reduce accidents. The company is also planning a 25% reduction in its home office work force.
BP CEO Tony Hayward states that Q3 revenues will be "dreadful" due to falling U.S. natural gas prices, declining refining margins, a damaged pipe in the North Sea, and a bad reputation gained from a 2005 Texas refinery accident. Shares drop at the news.
The share price of BP dropped from USD 63.89 on February 26, 2007 to USD 61.87 on February 27, 2007. This share price dropped after BP’s CEO John Browne’s sworn testimony in the suit regarding an explosion in the Texas City refinery in 2005.
The share price of BP dropped from USD 68.44 on November 10, 2006 to USD 67.13 on November 13, 2006. This was due to expectations of a suit settlement on the Texas City refinery blast.