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Here are Tuesday’s top stories:
Nigeria imposes a $5 billion penalty on Royal Dutch Shell (RDS.A, RDS.B) for the Bonga oil spill of late 2011, but the firm responds that it does not “believe there is any basis in law” for such a fine. The Bonga field produces 200,000 barrels a day, but the spill resulted in a minimum of 40,000 barrels per day spilling into the Atlantic, and constituted the country’s worst offshore spill in more than 10 years.
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Chesapeake Energy Corporation (NYSE:CHK) might give its employees perks than include NBA tickets and Botox injections, but the oddest one might be that approximately 12 percent of its workforce might receive a substantial windfall if control of the firm were to change. For the lucky 12-percenters, this means cash payments of 50 percent of salary, plus 50 percent of their most recent annual bonus. Some are asking whether recent board changes count.
Peabody Energy Corporation (NYSE:BTU) goes joint partner with Kinder Morgan Energy Partners (NYSE:KMP) in the expansion of the Gulf Coast coal-export platform for Peabody’s Colorado, Powder River Basin and Illinois Basin coal products. The additional access could increase the firm’s Gulf coal export capacity in a range of 5 million to 7 million tons per year starting in 2014, and should allow expanded service to its international customer base.
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