BP plc said it would delay the release of its 3Q2010 earnings by one week to Nov. 2 to give it more time to prepare additional data and disclosures related to the April Macondo well explosion. For 2Q2010 BP posted a $17 billion replacement cost loss, which included a $32.2 billion provision for costs related to the massive oil spill (see Daily GPI, July 28). BP also has been evicted from the FTSE4Good ethical investment index because of the oil spill. BP earlier this year was excluded from the DJ Sustainability Index.
Wyoming Gov. Dave Freudenthal has instructed the Wyoming Water Development Commission to conduct a study to identify long-term solutions to the water supply problems in the Pavillion, WY, area. The U.S. Environmental Protection Agency said results from testing samples from drilling water wells near the town indicated the "presence of hydrocarbons and other chemical compounds in the groundwater," which was a "drinking water concern" (see Daily GPI, Sept. 3). Wyoming Water Development Program Director Mike Purcell said the study would attempt to find solutions to Pavillion's water problems. Public meetings are to be held in the area to discuss potential long-term solutions.
Carrizo Oil & Gas Inc. has completed its joint venture (JV) transaction in the Marcellus Shale with a subsidiary of India's Reliance Industries Ltd. (see Daily GPI, Aug. 6). Simultaneously with the closing, an affiliate of Carrizo's existing JV partner, Avista Capital Partners completed the sale of its entire interest in the same properties to Reliance for $327 million. The new Carrizo/Reliance JV agreement covers about 104,400 gross acres in northern and central Pennsylvania. The Avista Capital JV will continue and now covers about 140,000 gross Marcellus acres primarily in West Virginia and New York.
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