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BP (NYSE:BP) and Transocean Ltd. (NYSE:RIG) are getting harsher treatment from the Department of Justice since Tuesday regarding the Deepwater Horizon oil spill, as it accuses the firms of “gross negligence” in deciphering a key pressure test. If the allegations are proven in an upcoming trial set for January, the civil damages that BP will have to pay could almost quadruple to $21 billion.
Investing Insights: Gold and Silver Quiet Ahead of ECB Meeting.
Total S.A. (NYSE:TOT) and Cnooc Limited (NYSE:CEO) along with Tullow Oil may have to wait longer to start pumping crude in Uganda, due to new difficulties that include a rift between the country’s government and the partners. Uganda is holding back its approval for the resolution of several matters, the paramount being its insistence that the firms at least partly fund a large refinery.
Barclays resumes its coverage of Chesapeake Energy Corporation (NYSE:CHK) at Equal Weight with a price target of $20, as the firm believes that progress in executing planned asset sales should address most of the worries about liquidity. For his part, Jim Cramer says that the ‘Chesapeake controversy has died down and shares will move up if natural gas does’.
Don’t Miss: FedEx Echoes GLOBAL SLOWDOWN Fears.
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