CEO Fired

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Rate Cut Hopes

Rate Cut Hopes

BarCap expects bigger rate cuts in India in 2013.  Full Article 

Rupee Low

Rupee Low

Rupee hits 2013 low on importer demand, weak euro  Full Article | Related Story 

Xbox One

Xbox One

Microsoft unveils Xbox One with Spielberg, Activision tie-up.  Full Article 

Vodafone Result

Vodafone Result

Vodafone keeps Verizon payout to make up for European slump  Full Article 

Tumblr Bought

Tumblr Bought

Yahoo's rise in Asia offsets risk from Tumblr bet  Full Article 

Bond Business

Bond Business

RBI says foreign investors may buy inflation-linked bonds  Full Article | Related Story 

Buy, Sell or Hold?

Buy, Sell or Hold?

Confused while buying stocks? Get buy, sell or hold recommendations from VantageTrade.  Full Coverage 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage 

TIMELINE-Gulf of Mexico oil spill

Related Topics

Stocks

   
Visitors look at a display of flowers during media day at the Chelsea Flower Show in London May 20, 2013. REUTERS/Stefan Wermuth

Chelsea Flower Show

The Queen, Prince Harry as well as garden gnomes turn up at the 100th annual Chelsea Flower Show.  Slideshow 

Thu Nov 15, 2012 5:57pm IST

Nov 15 (Reuters) - Here is a look at BP since the Gulf of Mexico oil spill in 2010, as the company faces paying a record U.S. criminal penalty under a plea bargain deal, sources say:

April 20, 2010 - Explosion and fire on the Deepwater Horizon drilling rig kills 11 workers. The rig is owned by Transocean Ltd and licensed to BP. Ten days later BP CEO Tony Hayward says the company takes full responsibility and will pay legitimate claims and the cost of the cleanup.

June 22 - Hayward hands day-to-day control of spill operations to Managing Director Bob Dudley, having been criticised for his handling of the crisis including commenting that he would like his life back. BP later names Dudley as its next CEO.

Sept. 19 - BP permanently seals the leaking well.

Jan. 5, 2011 - White House oil spill commission says in a report BP and its partners made a series of cost-cutting decisions that ultimately contributed to the accident.

April 20 - BP sues Transocean seeking at least $40 billion in damages and other costs. BP also sues Cameron International Corp for negligence, saying a blowout preventer made by Cameron failed to avert the catastrophe. Transocean blames BP in its report on the spill in June.

Sept. 14 - U.S. federal investigators from the Coast Guard and Bureau of Ocean Energy Management say BP is solely to blame for 21 of 35 contributing causes to the Macondo well blow-out that led to the leak, and shares blame for eight more.

May 2, 2012 - BP wins preliminary court approval of an estimated $7.8 billion settlement to resolve more than 100,000 claims by individuals and businesses stemming from the spill. The accord comprises two agreements, including one that covers economic and property claims and one covering medical claims.

July 6 - President Barack Obama signs the Restore Act which directs that 80 percent of Clean Water Act penalties paid by BP be placed in a new trust fund for restoration efforts in the five coastal states damaged by the spill: Louisiana, Alabama, Mississippi, Florida and Texas.

Oct 26 - A federal judge delays until February 2013 the start of the trial to determine liability from the spill. The trial has been delayed by nearly a year already due to the pending $7.8 billion settlement with private plaintiffs.

Nov. 15 - BP confirms it is in "advanced discussions" with the U.S. Justice Department and Securities & Exchange Commission (SEC) over BP pleading guilty to criminal misconduct in exchange for a waiver of future prosecution on the charges.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.