BP (NYSE:BP) targets Halliburton (NYSE:HAL) in a court filing. It expects them to cover costs, which would amount to several billion dollars, connected to the Deepwater Horizon spill, including cleanup costs, lost profits and “all other costs and damages incurred by BP” in connection to the spill.

Don’t Miss: FAO: Food Price Volatility Threatens Rise in Hunger.

Exxon (NYSE:XOM) will be paid $255 million from Venezuela for nationalized assets. This is less than a third of what the oil company had been awarded by an arbitration panel and just a small fraction of the $10 billion for which Exxon asked.

ConocoPhillips (NYSE:COP) could have caused $78 million in damages to local fishermen, according to a Chinese court, which accepts a lawsuit making the claims. Leaks from an offshore oil production facility are said to have caused the damages. Acceptance of the suit indicates forward momentum in a legal process that could result in additional costs for ConocoPhillips and has damaged its image in China.

Devon Energy (NYSE:DVN) announces a transaction with Sinopec International (NYSE:SHI). The company will give up one-third of its interest in five separate venture plays for $2.2 billion to Sinopec International. The firm says the deal will improve its capital efficiency by recovering its land and drilling costs and by cutting future capital commitments.

Peabody (NYSE:BTU) and Alpha Natural (NYSE:ANR) shares rally and Patriot Coal Corporation (NYSE:PCX) and James River Coal Company (NASDAQ:JRCC) are also heading up. The jump was seen after a United States court ruled late Friday that the Environmental Protection Agency must delay implementing its Cross-State Air Pollution Rule. Brean Murray analysts say the ruling marks the “first positive event for domestic thermal coal producers in quite a while,” although the threat of the air pollution rule, “still looms later this year.”

Baker Hughes (NYSE:BHI) creeps up after saying its new president and CEO, Martin Craighead, has officially taken on his new role. He replaces outgoing president and CEO, Chad Deaton, who remains on as chairman of the company’s board of directors.

Don’t Miss: Oil Drilling in the Gulf Heats Up.

To contact the reporter on this story: Tanya Harding at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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