WASHINGTON—A subsidiary of BP Plc. will pay a record-setting $40 million penalty to settle civil U.S. charges that its Indiana-based oil refinery violated federal laws aimed at curbing emissions of cancer-causing benzene in wastewater and other harmful pollutants, the U.S. Justice Department (DOJ) said on Wednesday. The DOJ will require the oil major to make…
BP Unit to Pay Record $40 Million to Settle US Air Pollution Civil Charges
IN-DEPTH: Oil Company Profits Soar
May 3, 2023
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Top oil companies continue to see massive earnings, according to published earnings reports for the first quarter of 2023 this week. Energy prices have been soaring following Russia’s invasion of Ukraine in February 2022 and due to persistent global demand. TotalEnergies, ExxonMobil, Chevron, BP, and Shell reported a combined record profit of $153.5 billion in 2022…
ANALYSIS: Oil Company Profits Soar
May 3, 2023
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BPBusiness & MarketsChevronCompaniesearningseconomic policieseconomyenergyExxonInvestmentMarketsoil companiesprofitsUS
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Top oil companies continue to see massive earnings, according to published earnings reports for the first quarter of 2023 this week. Energy prices have been soaring following Russia’s invasion of Ukraine in February 2022 and due to persistent global demand. TotalEnergies, ExxonMobil, Chevron, BP, and Shell reported a combined record profit of $153.5 billion in 2022…
BP Makes Record Profit in 2022, Slows Shift From Oil
LONDON—BP reported on Tuesday a record profit of $28 billion for 2022 and hiked its dividend, but infuriated climate activists by rowing back on plans to slash oil and gas output and reduce carbon emissions by 2030. The blockbuster profit follows similar reports from rivals Shell, Exxon Mobil, and Chevron last week after energy prices…
BP Reports $8.2 Billion Profit in 3rd Quarter
British oil giant BP announced a further share buyback on Tuesday as it reported an $8.2 billion (£7.1 billion) profit for the third quarter. The third quarter underlying replacement cost profits—a measure that oil companies often use—were slightly down from the second quarter’s $8.5 billion (£7.4 billion) owing to dropping oil and gas prices, but…
Oil Refinery in Ohio That Provides Gas for Midwest ‘Shut Down’ After Fire
Oil company BP on Wednesday confirmed that two of its staff were killed after sustaining injuries in a fire at a refinery in Oregon, Ohio. The plant was forced to shut down and remained offline as of Wednesday, officials said. “It is with deep sadness we report that two BP staff injured in a fire…
BP Reaches $2.75 Million Deal Over Indiana Refinery Pollution
TRAVERSE CITY, Mich.—Oil titan BP reached a $2.75 million settlement over air pollution from its largest refinery after environmentalists complained of repeated emissions violations at the Whiting facility in Indiana. The agreement is the second in the past year between advocacy groups and BP involving the refinery on the southwestern Lake Michigan shoreline between Hammond,…
BP Boosts Dividend After Profit Hits 14-Year High
LONDON—BP’s second quarter profit soared to $8.45 billion, its highest in 14 years, as strong refining margins and trading prompted it to boost its dividend and spending on new oil and gas production. The strong performance caps a blowout quarter for the top Western oil and gas companies on the back of soaring energy prices…
More Pain at The Pump: Ohio Stuck on the Wrong Side of $4 a Gallon
If you are looking to fill up your vehicle and want to pay less than $4 a gallon for gas then forget it in Ohio. The state’s price at the pump is stuck well over $4 a gallon and those who need to drive to work, among other places, fear that it will go sky-high…
UK Government Resists Renewed Push for Windfall Tax as Oil Companies Announce Unexpected Profits
The UK government has resisted a new wave of calls to impose more tax on oil and gas companies to help deal with the cost of living crisis. Without ruling out the idea, a Treasury spokesperson said on Thursday that it could deter “billions worth of investment,” and compromise the UK’s energy and job security….
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