BP profits and Gulf spill fund dwarfed by vast reserves
Gulf Roundup notes BP holds 18 billion barrels of proven reserves, enough to supply the U.S. for two years. The company reports 17 billion dollars in yearly profit, far surpassing Apple and Google, with modest debt levels despite investor concerns over a 20 billion dollar Gulf spill settlement.
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BP reports oil capture on June 16 from flare system
BP says it captured 179000 barrels since June 3 after a second burn-off flare came online on June 16. Leaked oil from the rig sinking April 22 totals between 2.0 and 3.4 million barrels. Source: BP Cee Command. Graphic: Judy Treible.
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BP Chief Faces Congress as Gulf Crisis Deepens
BP chief Tony Hayward defended his role saying he was not in the loop while oil surged into the Gulf. Lawmakers from both parties blasted the company as Rep. Bart Stupak led a hostile inquiry. Republican Rep. Joe Barton apologized for pressuring BP and later called the fund a shakedown before retracting.
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