BP (BP) to Catch Ire of Fed in Upcoming Macondo Trial
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BP plc (NYSE: BP) might have a severe "case of the Monday's" next Monday, when the U.S. is expected to throw the book at BP over the 2010 Macondo well incident in the Gulf of Mexico.
The WSJ said Federal prosecutors will "accuse the oil giant of making a series of decisions that caused it to be grossly negligent in the deadly explosion on the Deepwater Horizon drilling rig."
There will be a number of prosecutors in the case, including the federal gov't, though it's still possible for some or all of the defendants to settle out of court ahead of the trial.
For its part, BP has said there is no "one party" to blame, rather it was a "chain of events" which led to the massive oil spill. One lawyer for BP stated the Macondo prospect used "a peer-reviewed, government-approved well design, and relied upon reputable contractors to drill, cement, continuously monitor, and control the well," according to the WSJ.
To date, BP has settled with Anadarko (NYSE: APC) and Mitsui, Cameron Int'l (NYSE: CAM) (which made the blow-out preventer), M.I. Swaco (drilling mud provider), and Weatherford Int'l (NYSE: WFT), the service provider.
Others named in the case are Transocean (NYSE: RIG) and Halliburton (NYSE: HAL), though BP is the main target.
BP shares are indicated for a higher open Friday.
The WSJ said Federal prosecutors will "accuse the oil giant of making a series of decisions that caused it to be grossly negligent in the deadly explosion on the Deepwater Horizon drilling rig."
There will be a number of prosecutors in the case, including the federal gov't, though it's still possible for some or all of the defendants to settle out of court ahead of the trial.
For its part, BP has said there is no "one party" to blame, rather it was a "chain of events" which led to the massive oil spill. One lawyer for BP stated the Macondo prospect used "a peer-reviewed, government-approved well design, and relied upon reputable contractors to drill, cement, continuously monitor, and control the well," according to the WSJ.
To date, BP has settled with Anadarko (NYSE: APC) and Mitsui, Cameron Int'l (NYSE: CAM) (which made the blow-out preventer), M.I. Swaco (drilling mud provider), and Weatherford Int'l (NYSE: WFT), the service provider.
Others named in the case are Transocean (NYSE: RIG) and Halliburton (NYSE: HAL), though BP is the main target.
BP shares are indicated for a higher open Friday.
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