A blue ribbon panel criticized safety arrangements at BP (BP), giving the huge oil company its latest bruising.
The panel, led by former Secretary of State James Baker, identified material deficiencies in process safety performance at the London-based company's U.S. refineries. The panel was set up after a March 2005 blast at a BP refinery in Texas City, Texas, killed 15 workers. BP has since accepted responsibility for the incident and set aside $1.6 billion for victim compensation. "Significant process-safety culture issues exist at each refinery, not just the Texas City facility," said the panel. BP said it would adopt the panel's recommendations, which include the appointment of an independent monitor reporting to the board for five years. The news comes just days after the company's longtime CEO, Lord Browne, agreed to accelerate his planned retirement. BP has also been hit by last August's news of a big Alaska pipeline leak. Shares fell 84 cents Tuesday to $63.80.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
Jim Cramer's Action Alerts PLUS:
Trade right alongside a Wall Street pro — enjoy access to his Charitable Trust portfolio and be sent trade alerts BEFORE he makes a move. Learn More
ETF Profits:
Get money-making ideas from the hottest investment vehicle on the planet. Our experts show you how to play various ETF sectors to help pump-up your portfolio. Learn More
OptionsProfits:
Get 50+ trade ideas a week from the industry's top options experts. Plus — exclusive commentary on market trends and essential trading tools. Learn More
Real Money:
Our team of professional Wall Street Pros — including Jim Cramer, Doug Kass, and Nicholas Vardy — delivers intelligent analysis, timely trade ideas, and colorful commentary. Learn More
Stocks Under $10:
Break into the market with small- and mid-cap stocks... all $10 or less! David Peltier tells you exactly which low-priced stocks he's buying and selling. Learn MoreTo begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
blog comments powered by Disqus
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 12,855.15 | 1,349.99 | 2,927.17 | 19.74 |
Oil *
118.04
|
|
UP
53.92 |
UP
7.35 |
UP
23.29 |
UP
0.05 |
10 Yr
1.97%
SPDR Gold
167.10
|
|
+0.42%
|
+0.55%
|
+0.80%
|
+0.25%
|
Data delayed 20 minutes |
Connect with TheStreet