On July 2, 2015, BP reached an agreement in principle with five Gulf States to settle claims against the company arising from the Deepwater Horizon oil spill in 2010.
DOJ
BP Reaches Agreement With Gulf States To Pay Historic $18.5 Billion Settlement Over Deepwater Horizon
By Haley Gregory | Butler Snow LLPSign up and get Breaking Energy news in your inbox.
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Oil is hovering around $50 per barrel. For most of the US economy this drop in oil price has provided a much-needed economic boost. One piece on the NPR website, entitled “Oil Price Dip, Global Slowdown Create Crosscurrents For U.S.”, said “economists have suggested the big drop in oil prices is a gift to consumers that will propel the economy.”
Halliburton’s Acquisition of Baker Hughes Likely to Receive Close Antitrust Scrutiny from Department of Justice
By Dionne Lomax | Mintz Levin - Energy & Clean Technology Matters
On November 17, 2014, Halliburton Company (“Halliburton”) announced plans to acquire Baker Hughes, Inc. (“Baker Hughes”) for $34.6 billion. Halliburton and Baker Hughes are two of the world’s largest oilfield services companies, providing drilling, formation evaluation, reservoir consulting and related services to oil and gas producers. Halliburton and Baker Hughes are reportedly considered two of the big three global oilfield services companies in the industry, second and third behind Schlumberger Ltd. (“Schlumberger”), the leading oilfield services company in the world. Although Schlumberger is reportedly the largest oilfield service company, reducing suppliers from 3 to 2 in any market will inevitably raise red flags with the Department of Justice (the agency expected to review the transaction), who will undoubtedly conduct a thorough antitrust review.
