bp plc-spons adr (BP) Key Developments
BP Becomes M&A Target
Jul 4 15
BP p.l.c. (LSE:BP.)'s $18.7-billion US legal settlement is being cheered by investors and analysts as it ends five years of financial uncertainty. It also makes the British oil producer a more attractive takeover target.
Alabama to Get $2.3 Billion in BP Oil Spill Settlement
Jul 2 15
BP and the state of Alabama have reached a multibillion-dollar agreement to settle the state's lawsuit against the company. As part of the settlement, Alabama will receive $2.3 billion from BP. About $1.3 billion of the total will go toward coastal restoration projects in the state. The other $1 billion will go to the state's general fund over the next 18 years.
Florida Nets More Than $3 Billion in BP Settlement
Jul 2 15
Florida will land about $3.25 billion as part of a multi-state federal settlement with BP over widespread damages caused by the 2010 Deepwater Horizon disaster. The deal announced requires BP to pay $18.5 billion in economic and natural resources damages to the five Gulf Coast states affected by the disaster, which pumped at least 3.9 million gallons of oil off the coastlines of Alabama, Florida, Louisiana, Mississippi and Texas. Florida stands to receive $2 billion for economic damages, the most of any Gulf Coast state, and $680 million for restoration projects. The deadly explosion aboard the Deepwater Horizon drilling rig and ensuing massive spill affected the environment, tourism and the fishing industry along the Gulf of Mexico but its effects rippled throughout the state.
Renaissance Announces BP Khazzan Camp Facilities Management Contract Value of USD 48 Million
Jun 29 15
Renaissance Services SAOG recently announced that BP has awarded the contract for Consolidated Camp Facilities Management, to Renaissance 100% subsidiary, Tawoos Industrial Services Company LLC (TISCO). The contract is for the provision of catering, maintenance and related facilities management services to the BP Khazzan project camps in Oman. The contract value for the initial phase of the contract covering the 29 months commencing August 2015; has an estimated contract value of USD 48 million.
BP Bids For US Penn Virginia
Jun 25 15
BP p.l.c. (LSE:BP.) has made a bid to acquire Penn Virginia Corporation (NYSE:PVA), it has emerged. BP has offered $8 a share for Penn Virginia, which drills for oil in Texas and elsewhere in the US, and has a market capitalization of about $319.2 million, according to people familiar with the matter. Penn is understood to have rejected the offer because it believes the terms offered undervalue the company, and is holding out for at least $10 a share. It is believed rivals to BP such as Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX) may also be interested in buying Penn Virginia.