Chevron (NYSE:CVX) Earnings: Up, Up, and Away!

Earnings for Chevron Corp. (NYSE:CVX) skyrocketed in the latest quarter, tripling during the period, while exceeding analysts’ projections.

Second-quarter profits soared to $5.41 billion, or $2.70 a share, up from the $1.75 billion, or 87 cents a share, during the same quarter last year.

Analysts had been looking for earnings per share of $2.46.

As with their major competitors Exxon Mobil Corp. (NYSE:XOM) and ConocoPhillips (NYSE:COP), refining margins increased significantly during the reporting period, generating much of the earnings. Demand for fuel also rose around the world, contributing to the strong numbers from more sales and higher prices. The average price of U.S. oil futures was $78.05 a barrel for the quarter.

Revenue surged to $53 billion, a gain of 32 percent.

Production for oil and gas increased to 2.75 million barrels a day, an increase of 2.8 percent.

BP (NYSE:BP) Oil UPDATE: Static Kill Progress, Asset Sales

According to the soon to be CEO for BP (NYSE:BP), the company is planning on attempting the "static kill" operation on Tuesday. If successful it will seal the broken well. The the focus will turn to the relief well and permanently plugging it by the end of August.

The "static kill" process entails pumping heavy drilling mud followed by cement into the top of the Macondo well. The goal is to push a column of oil back into the reservoir almost three miles below the seafloor. Crews were installing a final pipe like casing into the well Thursday evening.

At a news conference in Mississippi, Dudley stated that BP is currently in the process of a $25 to $30 billion global asset sale. The Apace deal of $7 billion has also been agreed on. The sales are part of the company's plan to pay for the costs they've incurred from the massive oil leak that has spilled out over $200 million gallons of toxic crude.

BP (NYSE:BP) Oil Making $100 Million Fund For Rig Workers

BP (NYSE:BP) oil said today that it is planning on beginning a $100 million fund for unemployed rig workers. It will be a charitable fund for those workers experiencing economic hardship caused by the drilling moratorium forced by the United States Government.

BP's Managing Director Bob Dudley said, "The Baton Rouge Area Foundation has a strong track record of meeting community needs, and we are quite confident the foundations will respond effectively to assist the rig workers who today are struggling to make ends meet."

On June 16th BP said they planned on setting up a voluntary fund as a gesture of good will for the people of the Gulf Coast Region. What's being called The Rig Worker Assistance Fund will be handled by The Gulf Coast Restoration and Protection Foundation.

Foundation president and CEO, John G. Davies said, "The foundation is committed to moving as quickly as we can to write grants from this donation by BP. This agreement with BP came together over about three weeks, and we are moving rapidly to create the guidelines related to this grant program. We expect to release all the details of the program within two weeks, than to begin taking applications for grants September 1st."

Exxon Mobil (NYSE:XOM) Earnings Up On Refinery Margins and Oil Prices

In what appears to be a major story in the earnings' report season, Exxon Mobil (NYSE:XOM) was the latest of the oil companies to say refining margins were a major part of their earnings success, along with higher oil prices.

Consequently, earnings in the quarter surged 85 percent for Exxon, coming in at $7.56 billion, or $1.60 a share. That's up from the $3.95 billion, or 81 cents a share, in the same quarter last year.

Revenue soared to $92.5 billion, a 24 percent increase. Analysts had looked for revenue of $98.5 billion and $1.46 a share. The margin spread helped Exxon outperform in earnings even with lower-than-expected revenue.

The oil giant said oil production in the second quarter was 4.0 million barrels of oil equivalent per day, an increase of 8 percent over 2009.

Exxon made a major move to diversify their revenue and earnings by acquiring natural gas giant XTO Energy Inc. for $30 billion. That makes Exxon the largest producer of natural gas in the United States.

In the second half of 2010 they plan on ramping up drilling in the extraordinary shale gas fields in North America.

Hornbeck (NYSE:HOS) Surpasses Expectations, Earnings Skyrocket

Hornbeck Offshore Services Inc (NYSE:HOS) beat analysts' estimates, as the provider of marine transportation posted solid numbers for the quarter.

Earnings for the quarter came in at $13 million, or 48 cents a share, far surpassing the $199,000, or 1 cent a share, they generated in the same quarter last year.

For revenue and earnings, analysts had been looking for $94 million in revenue and 14 cents a share in earnings.

Revenue increased to $111.9 million, a 14 percent gain. Revenue from upstream operations was $100.5 million, rising 20 percent.

For the year, Hornbeck gave a guidance range of 81 cents a share to $1.73 a share for the full year. That beats the expected 76 cents analysts projected.

Hornbeck was the company that pressed hardest for the oil moratorium by Obama to be lifted, and temporarily had it stopped.

Husky Energy (TSE:HSE) Disappoints Again, Misses Estimates

Husky Energy Inc (TSE:HSE) had another disappointing quarter, as they missed estimates again, while lowering production guidance.

Investors and analysts are starting to get frustrated with the company, as they've missed their own production guidance for six straight years. Some are openly wondering about their ability to see the near-term future and performance of the company.

Earnings came to C$266 million ($256 million), or 31 Canadian cents a share, for the second quarter, down from C$345 million, or 41 Canadian cents a share, for the same quarter last year.

New CEO Asim Ghosh unconvincingly said this about the company's performance and goals, “Husky’s business strategies have historically delivered strong results for shareholders and the company has a tremendous portfolio of assets to fuel mid to long-term growth...however, a key goal is delivering near-term production growth. We are rebalancing Husky’s portfolio to direct a measure of capital to low cost, high return projects to achieve this near-term goal while maintaining the integrity of our long-term objectives.”

The company primarily blamed the strength of the Canadian dollar in connection to decreasing the value of commodity prices, which had performed strong in the quarter, for their dismal numbers. They also used the poor weather in Western Canada as a reason for lower heavy oil production.

Since the latter part of September 2008, the share price of the company has gone nowhere, and there's nothing in this report to indicate that's going to change any time soon.

Berry Petroleum (NYSE:BRY) Demolishes Earnings Expectations in Second Quarter

Berry Petroleum Company (NYSE:BRY) left analysts' earnings expectations in the dust for the second quarter, as they handily blew past the estimated 34 cents a share, to 42 cents a share, based on net income of $89 million.

President and chief executive officer Robert F. Heinemann said, “Performance from Berry’s portfolio of assets was strong in the second quarter. Production for the second quarter of 2010 was 32,854 BOE/D, 67% of which was oil production. While diatomite production declined during the quarter as we awaited new permits and optimized field production, we were able to increase companywide production by 12% during the quarter with meaningful contributions from each of our other operating areas."

Heinemann added, "We are maintaining our full-year 2010 production guidance of between 32,250 and 33,000 BOE/D. In addition, we settled our claim in the Flying J bankruptcy during the second quarter and received proceeds of $60.5 million on July 23, 2010 which we have used to pay down debt."

Oil accounted for 67 percent of production, while natural gas accounted for the other 33 percent. Last quarter oil production was at 70 percent of all production for Berry Petroleum.

BP (NYSE:BP) Oil Claiming $9.9 Billion Tax Credit

The fact that BP (NYSE:BP) oil says their plan is to claim $9.9 billion in tax credits is infuriating many. The BP oil spill may end up falling on tax payers shoulders after all ! Analysts are saying this was most likely part of the company's plan all along, and the almost $10 billion will keep the cash flowing for BP.

The credit is being based on the $32.3 billion the company reported for costs relating to the oil spill. Despite the fact that President Obama assured and insisted to the public that BP would take full financial responsibility for the entire oil cleanup, as well as effected businesses and wildlife. This will cut down their spill costs by a third.

Tony Hayward said, "We have followed the IRS regulations as they're currently written." There are tax code provisions that do allow companies to claim losses through tax refunds. BP has yet to be fined for the worst oil spill in U.S. history, so this is being based on their losses not penalties.

Occidental Petroleum (NYSE:OXY) Misses Earnings and Production Numbers

Although Occidental Petroleum (NYSE:OXY) had a decent quarter, with earnings rising to $1.1 billion, or $1.31 a share, gaining 56 percent over the $682 million, or 84 cents a share last year in the same quarter, they fell short of analysts' expectations by 4 cents a share.

What troubled investors and analysts more was missing the production numbers, which were expected to average 750,000 barrels a day, but which came in at 743,000 barrels a day.

The reason behind the weaker-than-expected performance was the payout to partners when prices increase beyond a certain level, which Occidental said cut production by 29,000 barrels a day.

Revenue for the second quarter did shoot up some, rising to $4.76 billion, or 29 percent.

The worst performing units of the company were the one housing Phibro, which the company acquired from Citigroup (NYSE:C). That unit lost $13 million or 79 percent, while the chemicals business earnings dropped 6.1 percent to $108 million.

BP (NYSE:BP): Hayward's Not Testifying, PERIOD !

According to BP (NYSE:BP), Chief Executive Tony Hayward will not be testifying at the U.S. Senate hearing. The purpose of this hearing is to examine the evidence to see if BP had any influence in the release of the Lockerbie bomber.


BP did say they were willing to send another representative to testify at the Senate Foreign Relations Committee hearing, chaired by Senator Robert Menendez on Thursday. Although the name of the representative was not given. Menendez said he is going to continue to put the pressure on to have Hayward testify.


"It is apparently more important to BP and Mr. Hayward to focus on his multi-million dollar golden parachute then to help answer serious lingering questions about whether the company advocated traded blood for oil," said Menendez.


Menendez continued, "Though it may be convenient for BP to move Mr. Hayward out of his position, it does not change the need for answers. The bottom line is we need to hear from BP officials at the highest levels who had significant contact with both the Libyan and British governments. Mr. Hayward best fits that bill."

Where or Where Has The BP (NYSE:BP) Oil Gone ?

Over 200 million gallons of BP's (NYSE:BP) toxic crude oil was spewed into the ocean. The federal government and BP has sent a small army to clean it up, but the problem is they can't find it.


The oil slick mass is now the size of New Hampshire but started out the size of Kansas. The Coast Guard flew around the BP rig site and no oil could be found. An ABC News team surveyed a marsh area and the oil eluded them as well.

A shrimper, Salvador Cepriano is one of many searching for the oil. He said hes been putting out boom but it's not catching any oil. "I think it is underneath the water. It's in between the bottom and the top of the water," said Cepriano.

The government is says it's getting harder and harder to find the crude. Thad Allen, National Incident Commander said, "It is become a very elusive bunch of oil for us to find." This doesn't mean that all the oil is gone, but experts are saying that a massive amount has reabsorbed into the environment.

Wis. Ron Johnson Changed Mind, Not Selling BP (NYSE:BP) Shares

Originally when Republican Senate candidate Ron Johnson was questioned two weeks ago about his BP (NYSE:BP) shares, he said he was going to be selling them. It seems he has had a change of heart because now he's not so sure.

He owns between $116,000 - $315,000 in BP stock. His campaign said on July 9th that Johnson was planning on moving his investments into a blind trust. Days later at the completion of a campaign rally, he told reporters that he was planning on selling his BP stock to help fund his campaign. As of Monday, he said the sale wasn't for sure.

"I think that will eventually happen, but I'm going to do it based on market conditions. I'm going to have to finance this campaign. At some point in time to get my message out, that will probably happen. But it's going to be based on market conditions," said Johnson.

His running mate, Democratic Senator Russ Feingold has accused Johnson of talking out of both sides of his mouth. John Kraus, Feingold's campaign strategist stated, "The fact that he now says he is waiting to make profit off his investment in BP so that he can continue to fund his campaign to defend big oil, shows that he is more interested in corporate profits than doing the right thing."

BP (NYSE:BP) Doubling Assets to be Sold to Raise Cash

It seems everything is on the table now as BP (NYSE:BP) fights to raise enough cash to help pay for the mounting liabilities related to the Gulf of Mexico oil spill.

Originally they had announced the goal of selling about $10 billion in assets to handle the load, but they raised that projection Monday to about $20 billion.

Once thought untouchable, and among their choice assets - oil fields in the North Sea - could reportedly be put up for sale, with the French company Total eager to enlarge their presence in the region. It would also be an easy deal to do if BP decides to go in that direction.

Prudhoe Bay was almost sold to Apache (NYSE:APA), but that deal fell through, although Apache acquired other assets in a separate transaction.

With BP securing billions in credit from a number of different banks, it seems to imply they're wary of using that credit line to pay off liabilities, as it could put them in an even weaker position, and would be expensive to access.

However they do it, this does show BP is struggling to raise the needed capital to handle the situation, and will evidently become a much smaller and weaker company before it's all through.

This is important, as everyone knew they would be smaller before things were over, but assumed their top assets would remain under the company umbrella and be a foundation to build on in the future. That idea could very well fall apart if assets in the North Sea end up being sold.

BP (NYSE:BP) Stock, To Speculative To Buy Says Biggs

The Hedge fund manager Barton Biggs, has this month become more optimistic of stocks, but is still leery saying BP (NYSE:BP) is still "to speculative" to purchase. He disagrees with the analyst in a Bloomberg Story who are rating BP's stock at "buy."

With the optimism from BP finally having success in placing their sealing cap and stopping the leaking oil on July 15th, many seem to think that everything is over with the oil spill. In reality, BP has still not reached the desired pressure in the testing of the well. The original target was set at 8,000 - 9,000 pounds per square inch, they have yet to reach over 7,000 pounds of pressure. Not to mention Macondo well has to still be permanently plugged. Yes BP has had a small success, but we must not delude ourselves to the full scope of reality that has yet to play out with BP.

Biggs said, "It's too speculative for me. Are these people down in the Gulf who aren't going to be able to fish, and their business was fishing, are they going to be able to sue BP for payments for the next 20 years ? I don't know, it's to hard to call."

BP has lost almost 40 percent of their stock market value since the explosion and sinking of the Deepwater Horizon, but the company has rebounded 37 percent.

Be Aware Of Scams In Wake Of BP (NYSE:BP) Oil Spill

While there are many people with good intentions, there are just as many who are looking to take advantage of people and scam them in the wake of BP's (NYSE:BP) oil spill. The Better Business Burea is warning people, the recovery efforts create a lucrative opportunity for scammers trying to make an easy dollar.

The first one is called the job scam. What usually accrues is job hunters are told to pay an upfront fee for training or to get a job. The BBB said that people were told they were being recruited for cleanup work that was supposed to be by BP, but there was no contract with the company. Don't take anybodys word for it, do your research to make sure these are legitimate companies, especially if using BP's name. Be very cautious of any company requiring an upfront fee.

The second is the claim scam, this one involved people receiving unsolicited email saying that the person qualifies for compensation from BP. There are also phony adjusters who ask for fees to expedite services according to the Federal Trade Commission. You can file a claim through BP's official website or by calling BP's claim line at (800) 440 - 0858.

The third one is the charity scam, which is where people pose as various charities to solicit donations. The BBB Wise Giving Alliance has a list of nationally solicited charities that meet the standards of the BBB and they are asking for volunteers and donations for the continued Gulf efforts.

BP (NYSE:BP) Won't Plug Well Until Next Week

Thad Allen, National Incident Commander told reporters on Sunday that BP (NYSE:BP) will most likely begin working on plugging the well next week. The ships used to help plug the well were evacuated Friday due to tropical storm Bonnie, but most have returned or are expected to return within 24 hours.

Allen said that he plans on BP beginning the process known as "static kill" next week. This entails pouring mud into the top of the well. Once completed, they will then proceed with what's called the "bottom kill." The process includes pouring mud and concrete by a connecting line to the relief well.

Allen was very optimistic over the success of containing the leaking oil on July 15th. He said the pressure continues to rise at a slow steady pace, reaching 6,904 pounds per square inch. The well remains intact with no leaks.

Tony Hayward Leaving BP (NYSE:BP) Oil October 1st

There has been much speculation and rumors surrounding Hayward's leaving BP (NYSE:BP) oil. A source spoke on the condition of anonymity due to the company not revealing their plans to the public yet. He said that Hayward is expected to leave October 1st and resign from the board by the end of the year.

The companys board of directors is meeting this evening, and whether he leaves or not is expected to be the center of their agenda. Hayward's whole career has been with BP. He has stated that he is ready to step down and has become "a liability going forward."

The board is also meeting prior to the Tuesday release of quarterly results. The directors will be discussing the best way to confront or diffuse criticism. While the company reveals its newest estimates of the losses and costs due to the worst oil spill in U.S. history.

Some analyst have said that Hayward's leaving would be a gesture that someone is taking full responsibility. According to another person who spoke under conditions of anonymity said, Hayward is not the only executive that will be leaving. It is expected that other top BP executives will be asked to leave.

BP (NYSE:BP) Work Stoppage from "Bonnie" Less Than Expected

Uncertainty as to the magnitude of Tropical Storm Bonnie has estimates of work stoppage by BP (NYSE:BP) up two weeks long. That changed quickly on Saturday, as the storm passed through quickly and with little damage, and vessels quickly began their trek back to the work area.

The good news concerning the storm was it disintegrated into what became essentially a series of thunderstorms and rain showers before it hit the oil well. It was uncertain what would happen once the tropical storm hit the warm Gulf waters, as past experience has at times had the storms gain in strength when that occurs.

If it would have performed in that manner, it could have stopped the relief well drilling effort for up to two weeks. Tropical Storm Bonnie was downgraded to a tropical depression as it weakened.

Only one of the relief well drilling rigs had been detached, so efforts didn't take too long to resume.

The containment cap continues to hold while the drilling continues.

BP (NYSE:BP) Deepwater Drilling in Libya and Half Year Results

Despite the environmental concerns after the massive oil spill in the Gulf, BP (NYSE:BP) says they're pushing forward and going to begin deepwater drilling in Libya. The well site in the Gulf of Sirte is even deeper than the Macondo well in the Gulf of Mexico.

Reported by the Financial Times, the plans are in the shadow of controversy and BP faces much scrutiny because of its deal in 2007 to purchase Libya's oil and gas fields at the cost of $1 billion.

In other BP news, the company will be reporting their half year results today. It's being rumored that Tony Hayward is expected to officially announce his leaving the company before the results are given. The results are expected to show BP making $10 billion in profits so far for the year, even with the costs of the disastrous oil spill.

Energy Bill Will Hold Companies Like BP (NYSE:BP) Oil Accountable

The scaled down energy bill is expected to be introduced next week which will hold oil companies like BP (NYSE:BP) oil accountable. Harry Reid, Senate majority leader wouldn't get into details of the energy bill, but he did say there are four main goals. To hold "BP accountable," to "create clean energy jobs," to invest in the making of natural gas vehicles, and to lessen the U.S. dependency on foreign oil.

This is due to growing opposition in Congress among Republicans and centrist Democrats. They want to see more aggressive measures to curb carbon emissions. Reid said, following a Democratic meeting that he was well aware of the lack of support for a more far reaching bill. He was confident that the efforts would continue to "lay the foundations for a safer and stronger future."

The bill is expected to have a dramatic impact on oil companies with U.S. offshore drilling operations. It can include new regulations on rig safety which would be designed to prevent another oil spill disaster like BP has had. It also may increase the liability amount if there is an accident.

Tracking Bonnie Headed Towards BP (NYSE:BP) Oil Spill Site

According to the U.S. National Hurricane Center, tropical storm Bonnie is South of the Bahama's and is heading toward the southern tip of Florida - straight to BP's (NYSE:BP) oil infested waters.
It is on track to hit the Florida Keys tomorrow at 6:15pm at 40 miles per hour. The storm is expected to gain strength as it hits.

The storm is being watched carefully by forecasters to see what it will do as it enters the Gulf and if its on track to hit directly over the BP oil spill site. Jeff Masters, co-founder of weather underground, said that tropical storm winds hitting 50 MPH would force oil into the Louisiana marshes as well as into Lake Pontchartrain.

Travis Hartman, energy manager and meteorologist said, "Oil production in the central to western Gulf should monitor this system for possible increases in intensity, but most rigs can withstand tropical storm force winds fairly well."

BP (NYSE:BP) Oil Partners Point Fingers At Hearing

There was a Senate Subcommittee hearing yesterday, BP's (NYSE:BP) oil partners in the Macondo Well distanced themselves from BP. Its investment partners are Anadarko, who owns a 25 percent stake and Mitsui owning a 10 percent stake in the well. Both companies are pointing the finger back to BP who's stake is 65 percent, saying the company was negligent in the days leading up to the explosion and sinking of the Deepwater Horizon.

James Hackett, chief executive of Anadarko said, "Our view is that this accident was preventable." They insist there is public information that clearly shows BP's negligent behavior and willful misconduct. Which Anadarko expects will clear them of all responsibility. While Mitsui has stated that they will wait until investigations are complete before making any decisions on payments.

At the hearing, executives for both companies said they were prepared and would pay if obligated. Both companies did make clear though that the procedure in cases like this put the financial responsibility upfront on the operating partner, which would be BP. Then seek contributions from the non-operating partners.

BP has billed its partners over $1 billion so far but the companies are refusing to pay. Members of the subcommittee were not pleased and said that Anadarko and Mitsui should, at the very least, set up escrow account to prove they have the funds and are wiling to pay.

Murphy Oil (NYSE:MUR) Selling Off Entire Refining Business

Murphy Oil Corporation (NYSE:MUR) said on Thursday that their Board of Directors has given the go ahead to sell off all their refining units, as they exit the business entirely.

Included in the sale will be refineries located in Milford Haven, Wales; Meraux, Louisiana; and Superior, Wisconsin. Also being sold off will be a retail system located in the UK.

CEO and President David Wood said, “Murphy’s Upstream and U.S. Retail businesses have demonstrated marked growth and financial performance over the last several years. By exiting the refining business, we can fully focus our attention and resources on continuing that growth, developing a premier international upstream business and a top quartile U.S. retail franchise.”

Murphy, which is being advised by Goldman Sachs (NYSE:GS), expects the units to be sold in the first quarter of 2011.

BP (NYSE:BP) Relief Well Reaching Target Destination by Weekend

The first relief well of BP (NYSE:BP) is close to reaching its destination, with expectations it'll arrive at its target this weekend.

This is the only permanent fix to stopping the well from gushing into the Gulf of Mexico, although the current containment cap is doing a good job, assuming it holds.

It's possible that within two weeks after this weekend the Macondo oil well will be permanently sealed.

We have the caveat of unsurety concerning everything being tried at this point by BP, as there simply isn't a blueprint for what will work at these depths.

One method that may be used to increase the probability of success would be to shoot drilling mud through the containment cap before beginning the final procedures.

Whether that happens or not, BP will drill sideways into the well to intercept it, and then start to plug it.

Day Two of BP (NYSE:BP) Oil Spill Hearing: Proof of Negligence

Up to this point, there has been many accusations and speculation that BP (NYSE:BP) was negligent in their operations and safety at the Macondo Well. The proof came from an internal report that was brought to an investigative hearing in Kenner, Louisiana.

Two days prior to the massive explosion of the Deepwater Horizon, BP was told that there may be a problem with natural gas leaking from the Macondo Well. The warning came from a contractor on the rig employed by Halliburton. A BP well site leader Ronald Sepulvado, told the panel that he had received a different report on April 15th but not on April 18th, which warned of gas flow risks.

He also stated the workers became aware of a leak in the hydraulic system, which control the blowout preventer. In an emergency, the blowout preventer is responsible for shutting down a well. On the Deepwater Horizon Rig, the blowout preventer failed at shutting down the well.

Sepulvado continued saying, he was aware of an audit in April that showed the Deepwater Horizon's blowout preventer was well past due for a major inspection. He raised concerns to Transocean about maintenance of the blowout preventer, saying some equipment pieces were out of service for long periods of time. Transocean's response to him was they, "always told me they didn't have the parts."

BP's (NYSE:BP) CEO Will Remain - For Now!

News that BP's (NYSE:BP) chief executive officer Tony Hayward will be booted from his position has caused a spokesman for the company to say he "remains the CEO."

This is the result of an article in the Times of London which said Hayward has at most about 10 weeks left at the helm of the company, whereby a new CEO will be named, with American Bob Dudley considered the front-runner by many.

BP spokesman Robert Wine said, “He has the full backing of the Board.”

Even so, there's almost no one outside the company that thinks Hayward will remain on board, and it's only a matter of when, not if, he's going to be relieved of his duties.

BP won't want to talk much of this at this time, as the important plugging of the leaking oil well is a triumph for them, and to focus on that would deter from the positives the company is finally getting.

Hayward is pretty much an irrelevancy now, and once the surety of the leak being permanently plugged arrives, it's probably at that time they'll make a move in a way that will appear a transferring of power to the cleanup part of the operations. That would keep things from being chaotic for the company.

BP (NYSE:BP): State Pension Funds Ask for Lead-Plaintiff Status in Class-Action Lawsuit

Government fund of Ohio and New York are seeking to be named lead plaintiffs by a Louisiana court in a class-action lawsuit against BP (NYSE:BP).

Court papers filed by Ohio Attorney General Richard A. Cordray and New York Comptroller Thomas P. DiNapoli show the two pension funds combined lost $229.4 million by investing in BP and the resultant fallout from the Gulf oil spill.

The complaint states BP and its directors and officers are responsible for the pension fund losses, and should pay for it.

According to the filing, BP "made false and misleading statements regarding BP’s safety protocols, operations, and safety record, as well as its ability to respond to a major oil spill.”

So far over 300 lawsuits have been filed against BP in relation to the Gulf oil spill.

BP (NYSE:BP) Admits To Altering Web Graphics of Oil Spill

While BP (NYSE:BP) is trying to maintain and rebuild their image, they've admitted to altering web graphics of the oil spill on their website. On an image posted on the official BP site, it shows a crisis command center in Houston with workers watching videos.

In the unaltered photo released by BP, it shows three of their screens blank. In the altered photo it shows all three as active with images from the oil spill they are monitoring. The photo is dated 2001, not July 16, 2010 as claimed on BP's website. Scott Dean, BP spokesman assured that the photo was just a photographer playing around and there is no sinister purpose.

In an email Dean stated, "Normally we only use Photoshop for the typical purposes of color correction and cropping. In this case they copied and pasted three ROV screen images in the original photo over three screens that were not running video feeds at the time."

He added, "We've instructed our post production team to refrain from doing this in the future. We will replace the Photoshopped version currently on bp.com with the original image tonight."

Dudley Replacing Hayward as BP (NYSE:BP) Chief

Tony Hayward, Chief Executive Officer is expected to step down from his position with BP (NYSE:BP) within the next two weeks, according to an anonymous source. The person most likely to replace him is Robert Dudley. The announcement of Hayward's successor isn't expected until August or September.

The leadership change is part of BP's strategy to rebuild their image, company, and reputation. Part of this process is raising money for the $20 billion fund by selling off some of their oil fields. The money raised will be used to compensate those in the Gulf Coast region. BP is making good strides in that direction with the agreement with Apache to sell $7 billion of their assets in North America and Egypt.

Hayward has gotten much criticism over public relation blunders. On May 30th he stated, I want my "life back." He took the job in 2007, promising a "laser like focus" on safety while boosting output and reducing expenses.

No Evidence BP (NYSE:BP) Swayed Scotland Decision to Release Lockerbie Bomber

The Prime Minister of Britain, David Cameron, reiterated his conclusion in the matter of BP (NYSE:BP) being somehow involved in persuading Scotland officials to release him, that there is no evidence to show that was the case.

He also pushed against the Democrats and Hillary Clinton, who foolishly have called for a full inquiry into the alleged connection. Cameron said, "I don't think there's any great mystery here. ... I don't need an inquiry to tell me it was a bad decision. It was a bad decision."

Cameron also separated the oil spill from the Lockerbie incident, saying they are two completely different things. That seemed to be a rebuke to the embarrasing Democrats who were ranting about "blood money" and other outrageous statements concerning the alleged connection between BP and releasing the criminal, without them having a shred of evidence to back up their irresponsible comments.

Cameron also continued to press the issue of the importance of BP to America and Britain, and the importance of them surviving the ordeal, while paying for their liabilities in the oil spill. He cited thousands of jobs created by BP in both countries as one of the important characteristics of the oil giant.

BP (NYSE:BP) Lockerbie Inquiry Rejected by British Prime Minister David Cameron

Under fire in his own country for looking like he didn't stand up for BP (NYSE:BP) against the onslaught of the Obama administration, British Prime Minister David Cameron, in his first visit in that capacity to America, reiterated it was in the best interests of America and Britain for a strong BP, while rejecting demands from Democrats for a full inquiry into the release of the Lockerbie bomber to Libya.

Cameron did say he asked his cabinet secretary to see if any other documents related to the case would be allowed to be made public.

This was a sound thrashing of the thuggish Democrats, who outrageously, and without any proof whatsoever, implied British government officials lied about an alleged connection between the release of the prisoner and BP, even going so far as to call it "blood money." Democrat heads should roll because of that childish behavior and unbelievable lack of self control and demagoguery in making those types of accusations.

Cameron reiterated that BP had absolutely no role in the release of the Lockerbie bomber. He also repeated the theme that BP needs to remain "strong and sound," not only because of its value to the economies of both countries, but also to be able to pay for the obligations it has to the Gulf oil spill.

BP (NYSE:BP) Oil Shares Plummet in Trading

Beginning the session in the negative column, oil shares started moving up as the energy sector gained strength from Weatherford's comments and higher crude oil prices but BP (NYSE:BP) plummeted. Oil rose 1 percent or 75 cents to $77.65 a barrel, while early in the morning it was trading down 1 percent reaching a low for the day of $76.05.

The New York Stock Exchange Arca Natural Gas Index gained 0.3 percent to 501. While The Dow Jones Industrial Average dipped 87 points or almost 0.9 percent. The NYSE Arca Oil Index declined 0.3 percent to 940. The Philadelphia Oil Service Index saw an increase of 1.5 percent to $178.34.

Exxon Mobil was down 0.5 percent to $58.13 and Chevron by 0.6 percent to $71.54. While BP shares took a nose dive to $34.87 losing 2.5 percent. The pressure in BP's well continues to slowly rise, it has now reached 6,825. They have not re-started drilling the relief well and are currently going over all possible options.

BP (NYSE:BP) Oil Leak Damage Causing Loss of 17,000 Jobs

According to Moody's analytics report, BP's (NYSE:BP) oil leak damage is not only effecting oceans and wildlife, it's also causing the loss of 17,000 jobs in the Gulf Coast. Also being lost is almost $1.2 billion in the regions economic growth by the end of the year. Even if the best case scenario plays out with the Macondo well being permanently fixed next month.

The other scenario is the Presidents six month moratorium gets pushed through, extended, and the leaking well continues spewing its toxic crude oil through the end of the year. Then the financial losses will be almost $7.5 billion and well over 100,000 jobs lost.

The hardest hit areas will be Florida, which relies on high tourism and Louisiana whose whole livelihood lies in fishing, oil extraction, and aquaculture. The other states, Texas, Mississippi, and Alabama will also feel the impact but on a much smaller scale.

BP (NYSE:BP) Drilling Up to 100 New Oil Wells in Iraq's Rumaila Field

Along with partners South Oil Co., the Iraqi state-run oil company, and China National Petroleum, BP (NYSE:BP) will be issuing tenders to drill up to 100 oil wells in the giant Rumaila oil field in Iraq over the next two years.

The consortium have committed to increasing oil production at the field to 2.85 million barrels a day by the end of seven years.

BP holds the largest stake in the field at 38 percent, CNPC is right behind at 37 percent, and South Oil Co. owns the other 25 percent.

The goal in 2011 is to increase oil production by over 100,000 barrels a day, and they hope to do that in the early part of the year.

Revenue is generated from a fixed rate of $2 a barrel for each additional barrel produced at the Rumaila field.

Salazar Says No To Lifting Oil Drilling Moratorium: BP (NYSE:BP)

Ken Salazar announced the new moratorium, caused by BP (NYSE:BP) massive oil spill. He said, "So long as the spill is out there and has not been contained and the oil spill response capabilities are all being consumed by the current spill, it's too risky" to lift the moratorium. The revised version identifies at risk wells based on technologies and oil drilling configurations rather than the depth of water. The prior moratoriums focus was banning oil drilling below 500 feet.

Bobby Jindal, Louisiana's Governor said, "This second suspension of deepwater drilling is a clear sign that the administration is unwilling to follow the advice of their own scientist. The ultimate effect of this second moratorium is the same as the first. To shut down drilling operations in the Gulf and risk killing an estimated 20,000 jobs in Louisiana."

The new ban suspends drilling of 21 oil rigs in the Gulf, that's only 12 less than what the original moratorium would have affected. Several oil companies have said they'll go to other countries due to the ban on drilling. One of which is the largest U.S. deepwater oil driller, Diamond Offshore Drilling Inc.

Island Sized Oil Slick Trapped Thanks to BP (NYSE:BP)

While so many have been watching for BP's (NYSE:BP) testing results on the sealing cap, a lot of people seem to forget about the massive oil slick that is trapped and traveling around the ocean. It is compared to the size of an island.

Roger Laferriere Coast Guard Captain, oversees the command center in Southern Louisiana. He is in charge of putting together exactly how the oil is to be cleaned up. He said there are routinely over 40,000 people are working along the Gulf Coast to track the oil. They skim oil when they can, clean the shorelines, and lay protective boom to minimize damage by the oil slick.

There are several analysts who feed satellite data into computerized maps that show where the oil is moving. There are also several fisherman and shrimpers who are involved with the cleanup. They work out of small docks and are out after sun up repositioning boom that has moved out of place, changing out the oil soaked boom, and repairing torn boom.

Stopping the leak has little to do with his mission over the next several months, "Even given that, we still have a lot of oil on the water. We're going to continue to push forward until all the oil is removed and the people of Louisiana can get back to their way of life. We're going to be here until the end," said Laferriere. He also meets with mayors, city councilmen, and parish presidents.

Plumber Says His Design Stopped BP's (NYSE:BP) Oil Leak

A mystery plumber has emerged claiming that it was his design that BP (NYSE:BP) used to successfully stop the oil leak. His name is Joe Caldart, he's married has 5 children and is in his 40's.

When asked about why he choose to go public he said, "My wife was like, this is kind of scary, I don't know if you should go public." I said, "Yeah and no, but I also felt that people should know that here an average guy submitted something that maybe helped."

He said he drew three sketches on May 25th and sent them to BP and the Coastguard. They're almost an exact match to the cap that was lowered over the leaking Macondo well last week. BP's response was they weren't working on stopping the leak just containing the oil.

"The idea was using the top flange on the blowout preventer as an attachment point and then employing an internal seal against the flange surface," said Robert Bea, a Coastguard. "You can kind of see how a plumber thinks this way. That's how they have to plumb homes for sewage."

BP (NYSE:BP) Kills Whale Skimmer With Dispersants

There has been much controversy surrounding BP's (NYSE:BP) use of the toxic dispersant Corexit, it's proving to kill off more than just marine life. The U.S. coastguard has deemed the Taiwanese skimmer called "A Whale" ineffective.

Due to the massive amounts of dispersants distributed into the Gulf, it broke up the oil resulting in "A Whale" not being able to properly skim the water for oil. There was a lot of optimistic hope that it would greatly assist in the removal of the toxic crude. During its testing it only removed minuscule amounts of oil.

Bob Grantham, TMT offshore spokesman said, "This ship demonstrated that it can bring substantial volumes of capacity to bear in addressing oil spills quickly and with great maneuverability. That said, the particular conditions present in the Macondo spill did not afford the vessel to recover a significant amount of oil. Due to the highly dispersed nature of oil in the Gulf."

Transocean (NYSE:RIG) Reduces Rig Rate for BHP (NYSE:BHP), Shell (NYSE:RDSA)

Transocean (NYSE:RIG) came to an agreement late last week with Royal Dutch Shell (NYSE:RDS-A) and BHP Billiton Ltd. (NYSE:BHP) to reduce the day rate on oil rigs operating in the Gulf of Mexico, in light of the misguided moratorium by the Obama administration.

The two companies will pay what is described as a "special standby rate that is lower than the regular contract day rate." As a result, the two companies won't be allowed to declare "force majeure," and instead will have their contracts extended by one day for each day they aren't allowed to drill in the Gulf because of the moratorium.

Force majeure allows companies from having to fulfill their contract obligations under extreme circumstances like faced in the Gulf oil spill.

On the part of BHP, if they aren't able to secure a drilling permit after November 30, when the moratorium ends, they can end the contract or continue paying the special rate. When operations resume, Shell and BHP will begin paying the regular rates again.

Eni SpA (NYSE: E) and Chevron Corp. (NYSE:CVX) have already declared force majeure on several rigs on drillships provided by Transocean.

BP (NYSE:BP): Re-opening Spill Containment Cap and Hiding Data

BP (NYSE:BP) is hiding the data from their testing and reopening the spill containment cap. The cap has to be re-opened for up to 3 days said Doug Suttles. Saying that pressure must be taken off the well before BP can continue their containment efforts.

Doug Suttles took the place of Kent Wells at the McBriefing, after giving very little information he then refused to answer any questions. The only information that was given was about the pressure of the well, even that didn't make a whole lot of since. He said since the well was closed 63 hours prior, the pressure was up to 6,778 and was building as they thought it would.

What's odd about this is on Tuesday Thad Allen stated, "We will at some point try to get to 8,000 or 9,000 and sustain that for some period of time, and these will be done basically as I said. If we have a very low pressure reading, we will try and need at least six hours of those readings to try to ensure that that is the reading. If it's a little higher, we want to go for 24 hrs. If it's up at 8,000 or 9,000, we would like to go 48 hrs. just to make sure it can sustain those pressures for that amount of time."

Suttles continued to dodge questioning Sunday afternoon as to what BP plans to do next. He did say, "Nobody wants to see anymore oil going into the Gulf," a minimum of 5 times. He continued saying, the facilities to take all the oil flow wouldn't be completed until the end of July. In order to relieve the well of pressure, he said they would have to remove the containment cap and let oil flow out for 3 days.

Oil Leaks Found in BP's (NYSE:BP) Well, Possibly Methane

Among the hush, hush that seems to be surrounding the containment cap testing, a leak has been found in BP's (NYSE:BP) Macondo well. Scientist are concerned about this leak as well as what they fear is methane leaking from another source in the well.

A federal official spoke on the terms of anonymity. He said that he is familiar with the leak but would not say exactly what it was. He feels this is the reasoning behind BP's vagueness and not answering directly what their next move is. He also said that they are not complying with the government demands for stricter and more monitoring.

Meanwhile, BP has concluded their 48 hour testing of the spill containment cap. According to the live oil spill feed, no oil appears to be leaking into the ocean. It's being said that the full testing won't be completed until the end of July. When BP was asked about this they had no comment.

BP (NYSE:BP) Shares Decline As Cap Is Holding

After all the anticipation and excitement over BP's (NYSE:BP) success in stopping the leaking oil, reality has hit to the massive effects of the worst oil spill in U.S. history. BP saw a decline in their shares of 4 percent to $37.38.

Fifteen hours into the cap being placed upon Macondo, it is holding strong. President Barack Obama said, "It is important that we don't get ahead of ourselves here. You know, one of the problems with having the camera down there is, that when the oil stops gushing everybody feels like we're done and we're not."

While Kent Wells, BP's vice president, said that the spill center has measured a steady increase of pressure, above and beyond the minimum of 6,000 pounds to 6,700 pounds per square inch. He also stated that BP has restarted working on the relief well to help release pressure on the ruptured well.

BP (NYSE:BP): Bankruptcy and Sticking It To Asset Buyers

BP (NYSE:BP) may stick their potential asset buyers with lawsuits, said lawyers. As the company continues its attempt to raise money to help pay legal claims that some are estimating could reach over $100 billion.

There are certain laws in place that could prohibit fraudulent transfers, allowing victims to sue a buyer to get money to pay claims. Which would leave the purchaser required to pay BP's obligations, if the company files for bankruptcy. Although there could be a change to federal bankruptcy laws, if approved could make a buyer wait for BP's approval from victims for the sale. The other option being to convince a judge that the company has sufficient assets to pay all legal claims in full.

New York bankruptcy lawyer, Martin Bienenstock of Dewey of Leboeuf LLP said, "Any purchaser will worry about fraudulent transfer and successor liability issues and perhaps request part of the purchase price be kept in escrow for such a contingency."

BP (NYSE:BP) Changes Containment Strategy

While the new containment cap continues to do its job, and tests indicate there are no leaks, as the pressure continues to rise to the desired goal of over 8,000 a square inch.

Originally BP said they'll stop pumping oil to the surface once they get the oil well contained, but that seems to have changed now according to the Gulf response manager.

Thad Allen stated the company will probably continue to sent oil to containment ships on the surface once the tests are successfully completed.

This will continue to be done until the relief wells are in place to plug the oil well permanently.

BP (NYSE:BP) Oil: Sealing Cap Testing Shows Success

On Thursday afternoon BP (NYSE:BP) finally tested the sealing cap that was placed on the Macondo well. The test showed no oil flow and the leak found earlier in the week was successfully repaired.

Although, this is the preliminary phase of their testing. It is expected for the testing to continue on anywhere from the next six hours to two days, possibly longer. Even though there is much to be optimistic about, anything can go wrong as the pressure inside the containment cap continues to be raised. As the testing continues, it will show weather the sealing cap can handle the intense pressure of oil without breaking and causing a new leak.

This is very good new for BP, especially after prior failed attempts to contain the oil leak in the Gulf. After each failed attempt, the company's share prices continued to drop, losing over half of their market value since April 20th. Plus due to the disaster, lawmakers have taken several steps in implementing new safety measures as well as banning new offshore exploration.

BP (NYSE:BP) Stops Oil Leak First Time Since Explosion on Deepwater Horizon

For the first time since oil starting spilling into the Gulf of Mexico, BP (NYSE:BP) has managed to stop the leak during a test of their new containment cap. The share price of BP skyrocketed by over 7 percent as the news circulated and investors fought to get in on the action before close.

Other oil companies with exposure also moved up on the news, with Anadarko Petroleum (NYSE:APC) and Transocean (NYSE:RIG) also making significant moves before the trading session ended, with Anadarko moving up by 3.15 percent and Transocean by 4.47 percent.

Anadarko and BP kept on moving up in electronic trading.

Testing will continue until it is proven the cap can continue to keep the oil from flowing, which at this time isn't a certainty, although this step had to be successful to continue on.

BP has also said if oil stops flowing into the Gulf, it means the oil well isn't leaking anywhere else, which would be a good sign. That seems to be the case, and soon we'll know if the cap will stop the flow until the relief well is complete and permanently plugs the well.

BP (NYSE:BP) Spill Containment Cap Testing

The spill containment cap was successfully put into place by BP (NYSE:BP), but now the question remains, when will testing begin to see if it will prevent oil from being deposited into the ocean ? BP officials originally said Monday, here we are on Thursday with no definite answer.

BP's vice president, Kent Wells said a leak was found on Wednesday evening on the side of the capping device called the "choke line," the pipe has been repaired but caused the delay in testing the cap. With the choke line repaired BP can resume the testing, but they have to back track a few steps.

Once the test begins engineers will close all three opening in the cap, if successful no oil should come out. BP will be carefully monitoring the pressure beneath the cap. What they'll be looking for is high pressure, that means there's only a single leak. While low pressure means there could be leaks further down the well. The oil will stay trapped for at least 48 hours before BP determines if it's working properly.

Fed Request Bank Leniency For Gulf Residents Effected by BP's (NYSE:BP) Oil Spill

The request came from the Federal Reserve and other U.S. Bank regulators, asking for leniency for those effected by the BP (NYSE:BP) oil spill disaster. With so many people effected in the Gulf region, if banks would be willing to consider waiving late fees and penalties, expedite loans, and ease credit terms it would make a huge difference, said U.S. Banking regulators.

"The regulators encourage financial institutions to work with their customers and consider measures to assist borrowers effected by the situation and its subsequent impact on local communities. Efforts taken by financial institutions to work with their borrowers and customers in effected communities, if conducted in a reasonable and prudent matter, are consistent with safe and sound banking practice," said the Federal Reserve and regulators.

"These measures could help customers recover financially and be better positioned to honor their obligations," they said. There are still many Gulf residents who are concerned about how they will get the money to pay bills and be able to keep their business afloat. Several of the area business are in substantial debt from when Katrina hit and they had to take out loans to cover the cost of damage.

BP (NYSE:BP) Hit with 7 Year Ban on New Offshore Drilling

If a proposed measure by a US Congressional committee passes both houses of Congress, BP would be banned from any new offshore drilling for the next seven years.

The parameters of the new law would entail any company which has had 10 deaths or more in the past 7 years. While not named specifically, it's an obvious reference to BP.

Although it takes in the 11 workers killed from the explosion on the Deepwater Horizon, BP also was involved in the deaths of 15 workers in a Texas refinery accident in 2005.

The immediate draft calls for the guidelines to include deaths at refineries, drilling or producton facilities, while also breaking US environmental or health laws.

BP (NYSE:BP) Stocks Price Dropping Again

After a five day winning streak, BP (NYSE:BP) stocks price is dropping again. The decline is said to be because of the delayed testing that would tell if the sealing cap that has been installed is successful.

BP's shares fell 2.3 percent, while their American depository shares saw a 2.1 percent plummet to $36.12. That's its second day straight being in the red. Even after the decline seen on Tuesday and Wednesday, for the week the stock is up 6 percent.

After hitting a 14 year low last month, they are still up 35 percent. While their shares are still down 40 percent from before the explosion and sinking of the Deepwater Horizon. The cost to insure BP debt has increased, from $321,000 as of Tuesdays close to $355,000 annually.

BP's senior vice president, Kent Wells said they have temporarily stopped drilling of the relief well, which will set back the completion by a "couple days."

BP (NYSE:BP) Helped by Lower Taxes from Cleanup Costs

Something many people don't think about is the lower taxes BP (NYSE:BP) will enjoy from paying out the cleanup costs related to the Gulf oil spill.

Although it will be attacked by some, in a sense this is good news, as BP needs to survive, and even thrive, if they're going to be able to take care of their responsibilities in the matter.

So the $20 billion escrow fund will probably be a tax strategy for the oil giant over the next four years, as they pay out billions throughout the next several years to claimants.

This will be true in the U.S. and in Britain as well.

Depending on who you're listening to, the cleanup costs of BP, say if they were $60 billion, would result in about $20 billion in tax deductions over time, if you assume the 33 percent tax rate they paid out in 2009.

In the U.S. and focusing on the escrow fund, BP won't be able to take deductions until people are actually compensated. In other words, if they pay about $5 billion a year into it, they won't necessarily get tax deductions on that. If $3.5 billion were paid out for the tax year, that is what they would be able to take deductions on, not the entire amount.

What will raise a few eyebrows is the fact it is those receiving the money from BP who will end up paying taxes, as they're not exempt, as the government will consider it income, whether it's for a business or an individual.

That means money BP pays out will benefit them from a tax perspective, and the government gets a lot of that loss back from taxing the businesses and individuals receiving it.

BP (NYSE:BP) Oil Says No To Florida's $50 Million Request

Florida's Governor, Charlie Crist asked BP (NYSE:BP) within the first month of the massive oil spill for $25 million to pay for advertising promoting how clean their beaches are, BP complied. Crist has asked BP for $50 million more two weeks ago, the company refused.

After the first $25 million was spent, tourism dropped anyway. Crist's main complaint is about how much money BP is using to promote themselves. He talked about how it appears the company is spending a lot on newspaper and television ads plugging their efforts on coping with the oil spill.

Looking annoyed and upset the governor said, " To say I'm disappointed would be an understatement." The state has lined up an expert legal team, " and we're ready if BP doesn't do the right thing." He didn't use the word lawsuit but did continue on saying, " We're trying to force them to do the right thing, like they say they're doing in there commercials."

According to Crist, the whole state has been tarred by the perception that their beaches are tainted. In reality, only 10 percent of Florida's beaches have actually seen any oil. The Panhandle beaches are the only ones that have seen tar balls, thick oil, or tar mats. He claims its destroying Florida's $65 million tourist industry.

Abu Dhabi Considering Investing in BP (NYSE:BP)

After a meeting between BP (NYSE:BP) CEO Tony Hayward and crown prince of Abu Dhabi, Sheikh Mohammed bin Zayed Al Nahyan, the prince, who is on the board of the country's sovereign wealth fund, said they are still taking into consideration acquiring a piece of BP.

If Abu Dhabi, or another significant Middle East player invests in BP, it would be a nod toward the belief they're going to survive the challenge of the Gulf oil spill, and would be considered a buy at current share price.

Even though there have been much lower entry points, as BP shares have risen about 27 percent since the beginning of July, the closer they get to capping the well, the better investors will be able to more accurately project the future of the company, along with a suitable price for shares.

If BP is able to make the new containment cap work, it will be a giant step toward generating more investment, and the soon implementation of plugging the oil with a relief well over the next several weeks puts them in an even better position.

Another country asserting interest in investing in BP has been Libya.

Mitsui Tells BP (NYSE:BP), We're Not Paying Bill

It seems Mitsui is following suite with Anadarko telling BP (NYSE:BP), we're not paying the bill. BP sent the bill last month requesting $111 million for oil cleanup costs and legal claims associated with the spill.

Mitsui owns a 10 percent stake in the Macondo well, Anadarko's stake is 25 percent. Normally all companies owning a stake in a well are required by law to pay their share, if there is an oil spill. It will be some time before BP sees any money from their partners. They are claiming legally they are absolved from all financial responsibility. Due to the fact BP was negligent and reckless in their behavior. Leading up to the explosion and resulting in the sinking of the Deepwater Horizon.

A Mitsui spokesman said while the cause of the accident continues to be investigated by the government, they are issuing an independent review into the reimbursement claims. He said,
" Therefore, we are withholding reimbursements of BP's invoices, other than with respect to the non-incident costs at this time."

BP spokesman, Andrew Gowers said, " We are disappointed that they too are failing to live up to their responsibilities. We won't be distracted from fulfilling our own." Gowers wouldn't comment on weather BP would try and force them to pay. He did say, if the company wanted to pursue such an act, according to the joint operating agreement, they would have to pursue any disputes through an outside arbitrator.

BP (NYSE:BP) UPDATE: Sealing Cap Installed, Trading Shares, Futures Trading

After much anticipation, BP (NYSE:BP) has verified that they have been successful in installing the sealing cap onto the leaking Macondo well in the Gulf. Testing is the next phase of the process. Over the next 48 hours the integrity test will be preformed. If successful, no oil will be released into the ocean.

BP stated that a sealing cap like what they have installed, has never before been used at such depths as a mile below the surface. It is unsure if the cap will be able to contain the oil and gas. Once all the information is gathered from the testing, it will get forwarded to different U.S. Government agencies for review.

They will than be able to determine "the way forward" which may include such options as continued testing beyond the 48 hours, or the reinstatement of prior containment. Everything is still up in the air, even though there's success of the placement of the sealing cap, it could end up being no better then the previous containment cap.

BP trading shares have seen an incline again today of 2.5 percent. This is caused by speculation of the continued negotiations to sell $10 billion worth of their Alaskan assets to Apache Corporation. It leaves one wondering though, if the cap is a failure will the futures trading see another massive decline ?

Republican Hid The Fact He Holds BP (NYSE:BP) Stock

Republican candidate for the U.S. Senate in Wisconsin, Ron Johnson, released his business portfolio Friday which includes shares of BP (NYSE:BP) stock, as well as two other oil companies totaling $181,000 to $466,000. It's being said that he is putting his own financial interest before the interest of the state.

Mike Tate of the Democratic Party said, " This is a fact he failed to mention and tried to hide from voters for the last month and a half, all the while shilling for big oil interests." His financial holdings are being questioned because of his criticism of President Obama and his stance towards BP. He pressured the company to set up the victim claims fund, while saying BP should be held accountable. While he objects to the their Administration Method's.

Johnson pointed out how Democrats statewide are benefiting from the Wisconsin Retirement Fund which holds BP stock. Tate's response, " We're not talking about a mutual fund when it comes to Ron Johnson, these are direct personal investments in oil companies."

Johnson states that his profile is diverse and he does not only hold stock in oil companies. When Tate was questioned if Johnson would sell the stock if that would take care of the problem he said, " I don't think it does, because this is something he makes money from. He makes money from BP regardless of what he does going forward, it's obvious he's just going to be to try to make up for the fact that he hid from voters that he owns substantial interest in this company and he has been publicly defending this company."

BP (NYSE:BP) Selling $289 Million In Assets

Amid all the speculation of who will buy BP's (NYSE:BP) assets, Magellan Midstream Partners LP is the front runner ready to purchase $289 million worth. They have agreed to buy some of BP's storage and pipeline assets.

Magellan Midstream says they feel this will help them in the developing of its terminal in East Houston into a main distribution point. They will be getting more than 100 miles of pipeline, including a stretch of 40 miles that goes as far as the Texas City, Texas refining region.

Magellan is in the process of constructing a 2 million barrel capacity for oil storage. They will purchase a total of $7.8 million barrels of storage capacity. It will be stored at a U.S. oil hub located in Cushing, Oklahoma.

The deal is expected to close within 60 days according to Magellan, and to add to their earning immediately. The other talk pending is between BP and Apache, if agreed upon Apache would purchase $10 billion of BP's assets.

Obama's Moratorium Results in Diamond Offshore (NYSE:DO) Moving Rig Out of Gulf to 'Republic of Congo'

Diamond Offshore (NYSE:DO) announced today it is moving its oil rig Ocean Confidence out of the Gulf of Mexico to the Republic of Congo, and has suspended a contract in the region to make the rig available.

Diamond Offshore President and CEO, Larry Dickerson, said, “As the uncertainty about continued deepwater drilling in the GOM persists, we must consider alternatives that allow our deepwater assets to remain employed. The contract we suspended with Murphy has been restructured into a one-year commitment in the GOM that is expected to recommence when our customer is satisfied that it can obtain the necessary permits and can meet any new regulatory requirements.”

A subsidiary of Murphy Exploration and Production Company (NYSE:MUR) will be the recipient of the oil rig via a new multi-well international agreement.

It's unknown how many jobs Americans have lost as a consequence of Obama's misguided oil moratorium.

This is the second rig Diamond has pulled out of region in the last several days.

New Drilling Ban Issued By U.S. Government, Stemmed From BP (NYSE:BP)

After much criticism, the U.S. Government has issued a new revised moratorium which stemmed from BP's (NYSE:BP) disastrous oil spill. It was said Obama's administration would have to do this after a U.S. appeals court ruled against it, saying there wasn't legal basis to shut down all oil drilling. Especially when so many livelihoods depend upon it.

This new improved moratorium is geared more towards the people and business that have been effected. The priority being to protect the thousands of jobs in the Gulf region, while at the same time looking to make the oil industry safer. Ken Salazar, Interior Secretary, is to issue and put into effect the revised, more flexible moratorium at 4 pm EDT.

A government source said that under the new ban deepwater production will be allowed to continue, only some deepwater drilling will be banned. If new safety and environmental rules are meet than shallow drilling will be allowed to continue. If Salazar finds that deepwater drilling can be resumed safely, the freeze could end before November 30th, continued the source.

According to spokesman Robert Gibbs, the White House feels strongly that the revised moratorium will stand up in court.

BP (NYSE:BP): Not Selling Assets, Not Selling Stock, Not Selling Shares

There has been many rumors surrounding whether potential investors would purchase BP (NYSE:BP). It seems to be more of a fairytale hope then anything else according to analysts.

There are several variables that must be looked at. For one, are BP's assets worth the hassle? With the thousands upon thousands of legal claims as well as the public relations issue, for any oil company to take on BP would be an extreme risk.

Paul Malchanov, an analyst for Raymond James in Houston, TX., said, " It's very debatable that any company would be comfortable wading into this legal nightmare, which would last many years. The biggest problem is getting your hands around the liabilities."

While the CEO of Petroleum and Resources Corporation, Doug Ober, said he's even heard traders talk about Conoco Phillips purchasing BP. " The likelihood of BP getting taken over is next to nil. Why would a U.S. company want to buy BP given the black eye that it has," said Ober.

Malchonov said he does not recommend BP for investors. Other companies like Chevron and Hess are trading at cheaper valuations. There is still to much risk and uncertainties with BP.

BP (NYSE:BP), Feinberg Want Immediate and Final Settlements

Ken Feinberg says the $20 billion BP (NYSE:BP) or Gulf Coast Escrow Fund, which he will be administering, has the goal of ending each case they deal with when it happens. "We're not interested in any halfway measures," said Feinberg.

How that'll work in the view of Feinberg will be to withhold distributing funds unless the claimant agrees to finalizing a deal. In other words, no back pay unless they make a deal for an estimate on future damages as well, right on the spot.

What that does is release BP from any future claims by the one filing it. This could be one of the reasons for the fund to be limited to a four-year period, as it would go on indefinitely if final agreements weren't found.

This is a risk on the side of BP and the claimants, as no one knows what the future holds, and it could be a better deal for one or another depending on the outcomes.

What will probably happen is some individuals and businesses will win in some cases, while BP will win in other instances; which should balance things out in the long run for BP.

Other options for claimants would be to use the Oil Pollution Act of 1990 (OPA) fund, which is considered more risky, and only deals with proven and past damages, which means claimants would have to come back over and over again if new damages emerge.

The other problem is its only funded with about $1 billion, which wouldn't be close to handling the amount of claims out there.

One other option would be to sue BP directly, which all of us know in cases like these, could take years to litigate.

Bottom line it seems in the matter, is Feinberg is setting it up for the escrow account of BP to be the fastest and safest way to take care of the damages.

BP (NYSE:BP): Share Prices, Oil Futures, Energy Stocks

Based on the optimism that Apache Corporation may purchase about $12 billion of BP's (NYSE:BP) assets, BP's shares saw another incline. BP's reasoning for this possible sale is to help raise $10 billion to help cover the cost from the devastating explosion and sinking of the Deepwater Horizon rig.

BP saw a 5.6 percent increase to $35.96, continuing last weeks surge of 13 percent. Even though it's reported that the BP bill has reached over $3.5 billion. This lift in stock prices has helped raise energy stocks across the board. Anadarko rose 2 percent to $46.43. In an emailed statement to Dow Jones Wires, John Christiansen, Anadarko's spokesman said, " We have notified BP that we are withholding reimbursements to BP at this time."

While Apache Corporation declined 2.2 percent to $85.95. An analysts from Tudor Pickering Holt said that if Apache were to continue ahead with their possible move, it would prove their track record of purchasing mature assets and wringing the profits from them. " APA made their company buying mature assets from majors and making them work stronger/harder/longer. So it shouldn't surprise if they are hunting BP's Prudhoe assets, as reported in various newspapers over the weekend," said the analyst from Tudor Pickering Holt.

The New York Stock Exchange Arca Oil Index rose 0.7 percent to 952. While The Philadelphia Oil Service Index increased 0.6 percent to 179. The New York Stock Exchange Arca Natural Gas Index inclined 0.3 percent to 511.

BP (NYSE:BP) Accident Compensation Cut On 40,000 Claims

BP (NYSE:BP) is reducing accident compensation on over 40,000 legal claims submitted to them, spawned from the disaster that's said to be the worst oil spill in U.S. history. As if BP isn't unpopular enough, this isn't going to help give people a restored confidence in the company.

The reasoning for this cut is because of lack of paperwork that was supposed to be submitted with the claims. BP's solution, significantly reduce the payments to those individuals impacted by the the disaster who failed to meet these requirements. Kenneth Feinberg, federal BP claims administrator verified this, saying that there would be less paid out to "individuals whose claims filed were incomplete."

Louisiana's Department of Children and Family Services secretary, Kristy Nicholas, said a BP representative told her that of the 99,508 claims filed, over 40,000 people be getting less on their checks. Because many people didn't have the acceptable records according to BP. "It is crucial that BP not continue to penalize these individuals and instead accept alternative forms of documentation, such as records held by the Louisiana Department of Wildlife and Fisheries, said Nicholas."

BP (NYSE:BP) Update: Secondary Containment Cap: Removing and Replacing

BP (NYSE:BP) started the process on Saturday, of removing the containment cap from the well. Their plan is to replace it with one that is a tighter fit which will funnel more oil to the ships on the surface. This is very delicate work and there are several robotic submersibles surrounding the well.

Senior Vice President of BP, Kent Wells said, "Over the next four to seven days, depending on how things go, we should get that sealing cap on. That's our plan." If everything goes as planned, all of the oil could be being collected as soon as Monday. It is only another temporary solution until the relief wells are completed, but if successful it would cut the oil that is leaking into the Gulf way down.

The process involves engineers removing a bolted flange below the dome. The flange has to be removed so another piece called the flange spool can be put over the pipe where the sealing cap will be connected. The flange was successfully removed Saturday. BP officials said they are behind schedule for the placement of the sealing cap but are still optimistic.

"Everything done at that site is very much harder than anyone expects, is replacing the cap going to do more damage than leaving it in place, or are you going to cause problems that you can't take care of," said Ed Overton, a Louisiana State University environmental sciences professor.

Exxon (NYSE:XOM) Company Takeover of BP (NYSE:BP)

There has been much speculation over investors possibly purchasing BP (NYSE:BP), apparently the U.S. Government has opened the door for Exxon Mobil (NYSE:XOM) to "take a look" and purchase BP for a complete company takeover. A merge of the two oil companies would put Exxon's total stock market value at over $400 billion. When asked about the validity of these claims, both companies refused to comment.

Tony Hayward, BP's chief executive, held several meetings last week with several potential "friendly" oil investors. The cause was the possibility of a hostile bid that Hayward said he was fully aware of. BP has stated openly that they plan on selling some of their assets to help cover some of the costs incurred by the massive oil leak.

They have already began talks with several rivals. The U.S.'s largest independent oil group, Apache Corporation, is named as one of the companies being in exclusive talks with BP to purchase $12 billion of investments. Including the biggest oil field in North America, Prudhoe Bay.

A BP spokesman said, " We've said we're going to be divesting about $10 billion over the next 12 months as a result of the spill, but we have no comment on specific deals."

Exxon Mobil (NYSE:XOM) Now Largest Gas Producer In U.S.

Exxon Mobil (NYSE:XOM) is now the largest natural gas producer in the United States. This happened on June 25th when the deal closed for the purchase of XTO Energy. Exxon plans to keep XTO's hedges for the 2010 - 2011 year in place., but will not hedge any production in the future.

They have also assumed $11 billion of debt and a share increase on outstanding shares of approximately 9 percent. Before the acquisition, Exxon had $2 billion worth of shares in the company. Their plan is to repurchase $3 billion in shares in the third quarter.

Exxon's also intends to restructure the debt once its economical. They are saying this does not change their focus on returns, but they admit it could be a few years away before returns on their investments may be seen. Due to the long term nature of the acquisition.

Short term they plan on drilling only the most attractive wells while holding on to their current uneconomical resources at the lowest possible cost. With little threat of their lease expiring and their financial strength, they can take there time and drill opportunistically unlike smaller exploration companies.

Appeals Court Rejects Drilling Ban, Good News For Exxon (NYSE:XOM), ConocoPhillips (NYSE:COP), Shell (LSE:RDSA), and BP (NYSE:BP)

The appeals court rejected the drilling ban on deep sea wells, this is good news for Exxon (NYSE:XOM), Conoco Phillips (NYSE:COP), Shell (LSE:RDSA), and BP (NYSE:BP). The Obama administration attempted to put into place a six month moratorium into place. This was decided by a three person panel in New Orleans federal court.

In the ruling, it said that the Interior Department did not prove that the government would suffer "irreparable injury" if the drilling ban was not put into place. The court also decided that it would be harmful and arbitrary where thousands of people depend upon energy companies for their livelihood.

The governments argument is that the moratorium is needed while the Obama administration develops new safety standards. With what has happened with BP being responsible for the worst oil spill in U.S. history, they want to ensure there is ample time to move in more emergency equipment to the Gulf region.

It is expected that the Interior Department will now rewrite the rules and issue a new moratorium. The current ban has stopped the drilling on 33 exploratory wells and put a halt on any new permits.

Anadarko (NYSE:APC) Says They're Not Paying Bill From BP (NYSE:BP)

BP (NYSE:BP) sent two of their partners in the Macondo well, Anadarko (NYSE:APC) and Mitsui, bills requesting them to pay their share of the costs incurred. BP requested the payment be made 30 days from receipt or by Friday, Anadarko has refused to pay the almost $272 million requested. Anadarko owns a 25 percent stake in the company, while Mitsui owns 10 percent.

According to the joint operating agreement, if BP is found to be reckless or negligent in the events that lead up to and caused the explosion and sinking of the Deepwater Horizon rig, it would absolve Anadarko completely. This is the stance they have taken since there was first talk about the requirements of other companies involved.

John Christiansen, Anadarko spokesman said, "Multiple proceedings and independent investigations are under way into BP's actions and decisions on the rig. Although we have notified BP that we are withholding reimbursement to BP at this time, we remain committed to working with BP in good faith."

Mark Salt, BP spokenman said, "They have failed to live up to their obligations." BP said they were disappointed and will be considering their options on the next move. Mitsui hasn't responded to BP yet. They have until July 12th to pay.

Anadarko (NYSE:APC) Tells BP (NYSE:BP) Won't Pay Oil Spill Bill

Even though Bp (NYSE:BP) continues to send their partner in the Macondo oil well, Anadarko Petroleum (NYSE:APC), bills for the Gulf oil spill, Anadarko continues to tell them they aren't going to pay anything because it was recklessness on the part of BP which led to the disaster.

Anadarko has a 25 percent stake in the Macondo well, and Japan-based Mitsui has a 10 percent stake, with BP holding the remaining 65 percent of the project.

So far the liability Anadarko has from BP's viewpoint is over $270 million.

According to Anadarko spokesman John Christiansen, he said on Friday that the company let BP know there would be no payment coming their way.

The agreement between the two companies does show Anadarko would have to pay for 25 percent of the costs.

BP (NYSE:BP) Up Fourth Straight Day

For the fourth trading day in a row, BP (NYSE:BP) ended up in positive territory, as perceptions it's getting close to plugging the well, and they may get more liquid through investment from the Middle East.

Neither of these are a guarantee in the short term, and both could come back to bite them quickly if they fail.

The optimism they may plug the well before original estimates in being run with by the media, even though caveats they're unlikely to do so have been thrown out to balance that idea.

It's possible, but everything would have to fall into place perfectly for that to happen, and more than likely the middle of August will still be the approximate time they'll reach that goal, although even plugging the oil well isn't guaranteed at that time.

BP CEO Tony Hayward has been globe trotting, presenting the idea he is out there working on getting some liquidity into the company through investments from Middle Eastern sovereign wealth funds or large corporations in the region.

That is important because they're trying to build a defense against a possible takeover, which they could be under huge pressure to accept in light of the oil spill fiasco.

They've also secured funding through $1 billion in guaranteed loans from at least 9 banks at last count, which they'll be able to tap quickly if needed.

Much of this gives the company breathing room, but not much else, yet it's a lot better than they were just a week or so ago, and investors seem to agree with that assessment by voting their dollars in the oil giant.

BP finished Thursday at $33.74, a $0.55 gain, or 1.66 percent. Market cap at the end of the day was $105.63 billion.

ConocoPhillips (NYSE:COP) Confirms Warren Buffett's Wisdom Again

A lot of people commenting on Warren Buffett's investment in ConocoPhillips (NYSE:COP) thought he had made a bad decision, and as usual didn't see the value in Conoco that Buffett did.

He again has proven himself one of the best analyzers of companies, as he invested heavily in Conoco, and has been rewarded strongly for it, and will be for some time to come if the oil giant continues to perform as it has been.

Considering the pressure on the overall equities market, and even more on the oil sector, the performance of Conoco has been solid no matter how you measure it.

Their 52-week range has been from $38.62 to $60.53, and today are standing at $51.16.

BP (NYSE:BP) Relief Well, 100 FT. From Their Target

The estimated time frame for BP's (NYSE:BP) relief wells to be completed was three months. They are now only 100 feet from reaching their target. A contractor for BP said the relief wells could be completed within two weeks.

President of Blackhawk Specialty Tools, Billy Brown, said that they are getting "very close" to the first relief well. They are within 10 feet of reaching their target. Blackhawk is directly involved with the cementing process of the two relief wells at the Deepwater Horizon oil spill site. He said, "Hopefully in the next two weeks we are going to be hearing some very good things. BP has been flawless in getting this well out."

Thad Allen, retired U.S. Coast Guard Administrator said, despite the fact that drilling is a week ahead of schedule he is "sticking" with the original August target. There are still plenty of variables that could effect the completion of the relief wells. Including hurricane season and as BP heads down the home stretch of the final steps, frequent stops and measurements are required.

BP (NYSE:BP) Can't Sell Assets Until Government Notified

The U.S. Government has told BP (NYSE:BP) they are to be notified before any asset sales, merger agreements, or significant cash transfers. The letter was received by BP at the end of June from the U.S. Department of Justice. Such a request is considered highly unusual and BP has yet to respond.

It's being said the reasoning for this move by the Justice Department is due to the extremely high cleanup costs, compensation claims, and grants given to Gulf states. Plus, the escrow account that will hold $20 million as agreed on between the President and BP officials.

BP has said they were looking seriously at selling some of their assets as well as attracting new oil investors to help cover the costs. There has been a whirlwind of speculation surrounding the possible takeover bidders and potential investors in BP including, Exxon Mobil, Royal Dutch Shell, China's PetroChina, Kuwaiti Investment Authority, and the government of Qatar.

There is a total of 95,000 claims submitted, half of which have already been paid. BP has already made payments of $147 million to the residents affected by the spill. As of June 1st, The U.S. Department of Justice launched a full civil and criminal investigation into the massive oil spill.

Texas Governor Responds to BP (NYSE:BP) Oil Spill

Texas Governor Rick Perry announced in response to the BP (NYSE:BP) oil spill accident that Texas will form what he is calling the “Gulf Project,” which he hopes will bring together the best in the state to help prevent and/or limit the effects of an oil disaster like being experienced now.

Perry said, "I am announcing the formation of the “Gulf Project” representing an unprecedented collaboration of the state’s top scientists, engineers and researchers focused on a clear set of vitally important goals of protecting our residents, our environment, and our economy.

"I’ve asked its members to prepare a comprehensive road map that will lead us to our destination ensuring such a disaster doesn’t happen again.

"We need new techniques and facilities to test the safety and reliability of current and next-generation equipment."

Perry also called for the development of new technology to "better monitor wells," both while being drilled and when in production.

He added that there is a need to vastly improve the training of spill management teams, and for the creation of better technology to handle spills in a way that would minimize the effects and bring them under quicker control.

Perry also called upon members of the oil and gas industry to participate in the initiative.

BP (NYSE:BP) Shares Soar on Rejection of Issuing New Stock

Shareholders were holding their breath concerning whether or not BP (NYSE:BP) was going go the route of issuing new stock to raise more capital.

BP shot that idea down quick, as jittery shareholders may have bolted the company if they had added diluting the shares they owned on top of eliminating their dividend as well.

Other than selling assets in the company and lining up a number of banks for loans worth about $9 billion in case they need to get quick funding, the other key strategy is to go after sovereign wealth funds, which CEO Tony Hayward has been traveling around the globe trying to do.

BP is of course looking at all types of investment in the stock, as they're trying to get ahead of the game in case someone attempts to acquire them in their weakened state.

The oil giant closed Tuesday's trading session at $31.91 a share, gaining $2.56, or 8.72 percent. Their market cap is just under $100 billion after the surge.

Anadarko (NYSE:APC) Trading Stopped To Prevent Market Crash

Trading of Anadarko (NYSE:APC) shares was stopped this morning to prevent a market crash. There was a trade that triggered new individual stock breaker rules on the New York Stock Exchange.

Anadarko's trading was stopped from 10:56 am to 11:01 am. What spawned it was a trade that valued Anadarko's shares at $99,999.9 said Ray Pellecchia, New York Stock Exchange Euronext spokesman. The trade was canceled at 11:03 am and did not cause any other trades for the stock at the same price said Pellecchia.

This is the third time the NYSE has had to stop trading of a stock after several bad trades were thought to cause a short market crash back in May of this year.

"We are still learning from the experience. In all three cases, trading was suspended before the erroneous trades could cause broader effects in the market. The first two suspended stocks were Citigroup Inc. and Washington Post Co., said Pellecchia." Once trading commenced, Anadarko closed seeing a rise of 57 cents to $38.64.

BP (NYSE:BP) Upgraded From Hold To Buy: Stock Prices Rise, Oil Futures

Analysts from the Royal Bank of Scottland upgraded BP (NYSE:BP) from hold to buy. They said the reasoning for this was that they've dismissed the negative rumors of what the probable cost of the massive Gulf oil leak could be. After a three day weekend, oil and gas stocks saw an incline seeing sector wide gains of 2.5 percent or higher.

BP lead percentage gainers by 6.5 percent to $31.25 a share. Halliburton was up 3.6 percent at $26.65. Before the bell, Nasdaq 100 index futures rose 26.59 or 1.5 percent to 1,747.75. Dow Jones industrial average futures went up 102 or 1.1 percent to 9,628. Standard & Poors 500 index futures rose 12.00 or 1.2 percent 1.026.30.

Early on, the New York Stock Exchange Arca Oil Index was up 2.5 percent to 901.11 points. Leading was the Spanish oil company Repsol up 4.2 percent to $21.05. The Philadelphia Oil Service Sector Index also saw an increase of 3 percent to 170.4 points.

While the NYSE Arcca Natural Gas Index was ahead 2.6 percent to 492.25 points and had all 15 of its components trading higher. In morning trading National Fuel Gas Co., EOG Resources, and Ultra Petroleum Corporation were the front runners at 3.5 percent or higher.

Shell (LSE:RDSA) Spill Cleanup: Lawsuit Pending

A government order was outlined and given to Royal Dutch Shell oil (LSE:RDSA) for the beginning of the huge oil cleanup of Carousel Track. Bill Dehart, a resident said that pools of aging oil are under the ground in his neighborhood. Many of the residents are wondering how the gobs of oil will be able to be cleaned up without having to level homes, driveways, and streets.There has been a class action lawsuit filed and is pending on behalf of the residents of Carson.

The water board is responsible for making sure Shell meets their deadline of September 15th to submit the work plan. According to the order given to Shell, the environmental plan is to clean the top layer of soil of the 50 acre site. Sam Unger, interim executive officer of Los Angeles Regional Water Quality Control Board said, " We're looking at removing the top 10 feet of soil across the entire property, but all areas of the property may not need to be removed."

The law firm representing the residents, Girardi and Keese, said that the cleanup order is extremely vague and they worry that the oil contamination is too widespread to be fixed. Firm attorney Tom Girardi said, "The order is a little confusing because the whole Carousel Track is cement. Some of the cement is maybe even holding back some of the discharge of the oil. The only way you can adhere to the order is to tear everything down and go down about 30 ft. and take up all the contaminated soil."

Dave McKinney, Shell's spokesman said, "Quite a few properties have no contamination. The key to this is testing all the properties." Another cleanup order will be issued most likely once the testing is done said Unger.

Libya May Buy Stake in BP (NYSE:BP)

Libya has been talking over the last couple of weeks about their interest in BP (NYSE:BP), as far as buying a stake in the company, and that seems to be increasing in tempo, as the top oil official in the country is pushing to invest in BP at these low prices.

Shokri Ghanem, who is Chairman of Libya's Nation Oil Co., has been working hard to get the Libyan Investment Authority to invest at the low price-point they could enter in now.

"BP is interesting now with the price lower by half and I still have trust in BP, I will recommend it to the LIA," Shokri Ghanem, chairman of Libya's National Oil Co.

Libya has been high on BP, and even in the current market environment like the company over the long term.

What all of those interested in the low price of BP are pondering is where they should enter the market with them. If they enter too soon, share price could plummet even much further, but if they wait until a much clearer picture of the liability of BP emerges, prices of shares in the company could shoot up it's not as high as thought.

The Libyan Investment Authority is the sovereign wealth fund of Libya.

BP (NYSE:BP) Not Issuing New Shares to Raise Capital

BP is resisting issuing new shares in the company to raise capital, looking rather to bank credit lines and selling of assets as the major strategy to provide more liquidity as needed.

This probably comes from the inevitable dilution of share which would drive down the value of the stock. BP has to be very much aware of the dissatisfaction in the company by shareholders who were counting on the dividend the company normally pays out, which was discontinued at this time.

So to dilute the shares after losing half its value and ending the dividend for now, wouldn't be the best of strategies for oil giant, probably the reason they aren't going that route.

BP has also lined up a number of banks to provide them will immediate loans, with each bank committing about $1 billion. That brings the total available to about $9 billion, although other banks are reportedly going to offer a similar amount as well.

Much of this is not only to pay for claims and liabilities related to the Gulf, but at the same time set up a defensive strategy to combat potential takeover attempts by unwelcome suitors.

BP (NYSE:BP) Bills Anadarko (NYSE:APC) for $272.2 Million

BP (NYSE:BP) has sent their partner in the Marcondo oil well, Anadarko (NYSE:APC), a bill for $272.2 Million, reflecting the 25 percent stake Anadarko has in the well.

This isn't the first time news has come out on this, as BP had reportedly sent them a bill some time ago. This is the first time I've seen a figure on how much the bill was, and it seems it was probably adjusted since the first bill BP sent them.

Their second partner in the well, Mitsui, was also billed by the company for $111 million for their 10 percent stake in the well.

"They are partners in the field, and as responsible partners we would expect them to bear some of the costs," BP spokeswoman Sheila Williams said Monday.

Evidently when BP sent Anadarko the first bill, Anadarko CEO Jim Hackett aggressively responding in the media, saying BP had made and taken "reckless decisions and actions" concerning the well.

First BP (NYSE:BP) Relief Well May be Ready by End of July

BP (NYSE:BP) has worked hard at managing expectations concerning the two relief wells being drilled which have the best chance of plugging the oil leak in the Gulf of Mexico, and have maintained their August date of completion, even though the relief well is ahead of schedule.

Still, BP spokesman Mark Proegler said concerning the well, that “There is a possibility that the first relief well could be completed by the end of July. It’s more likely that it would be some time in August.”

It's not just a matter of drilling alone though, as if that were the case, more than likely the first relief well would be completed by then.

But you have the weather factors, and the company working to error on the side of caution, so they're not going to hurry the process in order to gain some positive press on stopping the leak before estimates.

The second relief well is being drilled in case the first one fails to accomplish its goal.

Relief wells have been proven to be successful in the past, as they're not theoretical attempts to plug oil leaks, but the depth of the oil leak adds a dimension the industry has never had to deal with before, and so cautiously optimistic outlooks are there concerning the potential success of the wells, but it's not guaranteed from that viewpoint.

BP (NYSE:BP): We're Not Issuing Any New Shares

Despite the pressure BP (NYSE:BP) is feeling financially, they are saying there will be no more newly issued shares. Although they have been making overtures to several oil investors in different countries where there is good relations. In an attempt to entice them to purchase shares.

Shokri Ghanem, chairman of Libya's national oil company told Dow Jones, "BP is interesting now with the price lower by half and I still have trust in BP, I will recommend it to the Libyan Investment Authority." On Monday, a top Libya oil official said his country should take advantage of the oil company's falling share prices.

BP insists they are not trying to bring in specific investors with new equity. BP shares have lost over half their market value since the Gulf oil spill began in April. Today they saw an increase of 3.5 percent to 333.3p in London.

The Gulf of Mexico holds some of the world's largest sovereign wealth funds. They've previously put capital into into Western banks including Barclays and Citigroup. BP has an extensive history
with the UAE, home to numerous government controlled funds that invest specifically in energy assets.

BP's (NYSE:BP) Gulf Oil Leak Costs Reach Over $3 Billion

BP's (NYSE:BP) has released their latest report today of the Gulf oil leak costs. The total has reached $3.12 billion for the cleaning, capping, and payouts to government, businesses, and individuals. This amount does not include the $20 billion fund that was agreed upon and set up last month.

BP officials said that the tropical storms and continued turbulent weather has not inhibited the drilling of the two relief wells. They're still slightly ahead of schedule for the projected timeframe of early to mid-August for the completion of the drilling and plug to be in place. The burning of oil and gas continues without any delays at the site.

The weather and turbulant seas have delayed being able to bring in another vessel called the Helix Producer. Officials are saying the vessel will more than double the amount of oil able to be collected and then burned. It connects with the leaking well by a flexible hose that can disconnecting and reconnecting quickly due to bad weather.

There is also a giant Taiwanese oil skimming devise is called "A Whale," that has been being tested over the weekend North of BP's leaking well. Because of the choppy seas they had to stop the testing. According to the National Weather Service this bad weather is expected to continue on into next week.

Supreme Court Denies Claim Against Halliburton (NYSE:HAL)

Annette Carmichael of Atlanta, Georgia filed a lawsuit on behalf of her husband Sargent Keith Carmichael against Halliburton (NYSE:HAL). In papers filed with the court, Mrs. Carmichael was claimed that her husband suffered brain injury when a truck in a fuel convoy crashed into him.

He was assigned to ride a tanker truck operated by Kellogg, Brown & Root, Halliburton's former subsidiary during a 2004 convoy. When a civilian failed to make a curve, Mr. Carmichael was thrown and pinned under the truck. He was left in a permanent vegetative state.

The case was originally filed in Georgia State court in 2006. The lawsuit was transferred at the request of the companies to federal court where they won full dismissal. Mrs. Carmichael appealed the decision. The Obama administration recommending full denial of the appeal. The federal appeals court ruled without comment, dismissing the lawsuit.

BP's (NYSE:BP) Gulf Oil Leak Threatens Historic Shipwrecks

As we watch the news we've seen the obvious disastrous effects of the BP (NYSE:BP) Gulf oil leak. Beneath the Gulf waters there is an underwater battlefield full of historic World War II shipwrecks, sea battles, and the history of pirates.

There are many significant shipwrecks with 20 miles of the damaged oil well. This underwater world was discovered by oil companies while searching for wells. Many researchers fear that this treasure seekers paradise is being destroyed by the crude oil that continues to flow freely. The Gulf is lined with old fishing villages, pirate colonies, historic hotels, American Indian shell midden mounds, World War II casualties, and wooden shipwrecks.

Steven Anthony, president of the maritime archaeological and Historical Society said, "People think of them as being lost, but with the deep sea diving innovations we have today, these shipwrecks are easily accessible."

"If the oil congeals at the bottom, it will be dangerous for scuba divers to go down there and explore. The spill will stop investigations, it will put a chill, a halt on operations," continued Anthony.

BP (NYSE:BP) Sends $4 Million Bill To Partners: Anadarko and Mitsui

BP (NYSE:BP) has stated they would take full financial responsibility for the Gulf oil leak. It seems they have had a change of heart, they have sent bills to their partners Anadarko Petroleum and Mitsui. According to just released documents, BP is demanding almost $400 million from these two companies. That's close to 40 percent of the almost $1 billion BP had incurred in expenses as of May.

This is no surprise and considered common. All companies having a stake in an oil well are responsible for their percentage equal to that of their share of ownership if there is a oil spill. Anadarko's stake is 25 percent, Mitsui's is 10 percent and BP's owns 60 percent of the well. "We would expect the various parties involved in this to live up to their responsibilities," said BP spokesman Tony Odone.

Anadarko's stance from the beginning has been that BP engaged in "gross negligence" and "willful misconduct." If proved in court, Anadarko would be cleared of having to pay any of the 25 percent of the stake that they own under the joint operating agreement. In a statement from Mitsui, they've said it's way too early to draw conclusions on what has happened on the rig, but "as a 10 percent minority non operating investor, MOEX offshore 2007 is fully cooperating with those investigations."

BP demanded payment "30 days from receipt," or by Friday. A Mitsui spokesman said they have until the 12th of July to pay, but would not say if they were planning on paying or not. Anadarko spokesman said, "We are continuing to assess our contractual remedies."