Saturday, June 5, 2010

Gulf Oil Spill - #1822 - BP Chief Tony Hayward Sold Shares Weeks Before Oil Spill - Telegraph co.

The chief executive of BP sold £1.4 million of his shares in the fuel giant weeks before the Gulf of Mexico oil spill caused its value to collapse.  Tony Hayward cashed in about a third of his holding in the company one month before a well on the Deepwater Horizon rig burst, causing an environmental disaster. Mr Hayward, whose pay package is £4 million a year, then paid off the mortgage on his family’s mansion in Kent, which is estimated to be valued at more than £1.2 million. There is no suggestion that he acted improperly or had prior knowledge that the company was to face the biggest setback in its history.  His decision, however, means he avoided losing more than £423,000 when BP’s share price plunged after the oil spill began six weeks ago.  Since he disposed of 223,288 shares on March 17, the company’s share price has fallen by 30 per cent. About £40 billion has been wiped off its total value. The fall has caused pain not just for BP shareholders, but also for millions of company pension funds and small investors who have money held in tracker funds.  Read more.......  Wow! I am sure this is just a coincidence, that he did this just 4 weeks before the rig exploded, and the worst spill in our history has occurred, he really has amazing foresight.  Also amazing how this plays into Obama's plans to force Cap and Trade on us and send oil prices skyrocketing, and this with the public's perceptions of oil companies becoming more skeptical.  


BP's Dismal Safety Record - ABC News -   As the nation comes to grips with the worst oil disaster in its history , there is evidence BP has one of the worst safety track records of any major oil company operating in the United States.  In two separate disasters prior to the Gulf oil rig explosion, 30 BP workers have been killed, and more than 200 seriously injured.  In the last five years, investigators found, BP has admitted to breaking U.S. environmental and safety laws and committing outright fraud. BP paid $373 million in fines to avoid prosecution.  BP's safety violations far outstrip its fellow oil companies. According to the Center for Public Integrity, in the last three years, BP refineries in Ohio and Texas have accounted for 97 percent of the "egregious, willful" violations handed out by the Occupational Safety and Health Administration (OSHA).  OSHA statistics show BP ran up 760 "egregious, willful" safety violations, while Sunoco and Conoco-Phillips each had eight, Citgo had two and Exxon had one comparable citation.  Read more.......


Interior Department Postpones Safety Awards Luncheon that Included BP - Fox - Talk about bad timing . . . The Interior Department’s Mineral Management Service has postponed a Monday safety awards luncheon at which a nominee for two awards was BP -- which operated the oil rig that sank in the Gulf of Mexico, threatening an unprecedented environmental disaster along much of the nation's Gulf Coast.  The awards ceremony recognizes "outstanding safety and pollution prevention performance by the offshore oil and gas industry." BP was nominated for its work on the outer continental shelf.  The big winner of last year's SAFE award was Transocean, the owner of the Deepwater Horizon rig that exploded last month under BP's management. BP was also a finalist at the 2009 conference.  Read more......

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