Criminal Charges may be Filed against BP Staff
The Wall Street Journal reported today that staff of BP Plc (NYSE:BP) may be criminally prosecuted in connection with the April 2010 Macondo well blowout and resulting explosion in the Gulf of Mexico that killed 11 workers on the drilling rig.
The WSJ quoted unidentified people familiar with the matter as saying that U.S. prosecutors are preparing criminal charges against some BP employees, including several engineers based in Houston and a supervisor, for providing misleading information to regulators about drilling risks related to the Macondo well. The charges may be filed by early next year and may result in conviction and imprisonment for five years.
BP declined to comment.
BP spent $17.7 billion last year related to the oil spill and established a $20 billion compensation fund. It currently faces about 350 lawsuits from Louisiana coastal property owners and businesses claiming consequential damages.
Here are the Deep Water Horizon companies affected by this news:
BP plc (NYSE:BP): BP shares recently traded at $42.59, up $0.23, or 0.54%. They have traded in a 52-week range of $33.62 to $49.50. Volume today was 1,472,250 shares versus a 3-month average volume of 7,613,890 shares. The company’s trailing P/E is 5.90, while trailing earnings are $7.22 per share.
Halliburton Company (NYSE:HAL): HAL shares recently traded at $33.67, up $0.42, or 1.26%. They have traded in a 52-week range of $27.21 to $57.77. Volume today was 3,725,583 shares versus a 3-month average volume of 19,503,900 shares. The company’s trailing P/E is 12.21, while trailing earnings are $2.76 per share.
Transocean Ltd. (NYSE:RIG): RIG shares recently traded at $38.76, up $0.13, or 0.34%. They have traded in a 52-week range of $38.21 to $85.98. Volume today was 1,754,278 shares versus a 3-month average volume of 7,959,780 shares. The company’s trailing earnings are $-1.25 per share.
Cameron International Corporation (NYSE:CAM): CAM shares recently traded at $48.59, up $0.25, or 0.52%. They have traded in a 52-week range of $38.77 to $63.16. Volume today was 494,739 shares versus a 3-month average volume of 3,205,880 shares. The company’s trailing P/E is 20.69, while trailing earnings are $2.35 per share.
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