(MENAFN- ProactiveInvestors) () will face up to the latest penalties relating to its 2010 Gulf of Mexico oil spill in a New Orleans court tomorrow
The firm faces a maximum fine of US$13.7bn under the Clean Water Act for the disaster which is actually several billion less than feared.
Federal magistrate Carl Barbier ruled on Thursday that the size of the spill from the Deepwater Horizon drilling rig the worst offshore spill in US history was smaller than the government had claimed.
lawyers are expected to argue for a small fine per barrel. About 810000 barrels were collected during clean-up.
A spokesman for the company said: “ believes that considering all the statutory penalty factors together weighs in favour of a penalty at the lower end of the statutory range.”
The Clean Water Act penalties come on top of more than $42bn the oil major has set aside or spent for clean-up compensation and fines.
The first two phases of the trial which ruled had acted with gross negligence and wilful misconduct in the actions that caused the spill have concluded.
Elsewhere but on the same day will send out a statement.
Although the mining metals and petroleum firm is diversified unfortunately it is not getting much protection as the price of oil copper and iron ore amongst others continue to slide.
However broker The Share Centre reckons investors should still expect good operational numbers from the company as past investments feed into production increases.
“Investors will be seeking management’s thinking on the current commodities environment and whether it is likely to lead to a shift in strategy or further asset write-downs” said analysts
Meanwhile is set to send out its fourth quarter results.
Shares have recovered well since October’s Q3 trading update.
Back then the market reacted to a warning from the group’s finance director about a slowdown in the global consumer goods market.
“Investors will be interested to see if there are any signs of that in the Q4 trading update and any outlook comments that come with it” said The Share Centre.
Trading in Europe and China will be the main focus of scrutiny. Q4 sales overall are expected to rise by 5%.
The firm pays quarterly dividends so income-focused investors will be interested in any comments about future dividend growth.
Significant announcements expected
Trading update: () () (LON:BHP)
Economic news: Chinese GDP Industrial Production German ZEW Survey Expectations BoE’ Cunliffe UK 2020 Gilt Auction EU House price index Q3 2014 – Eurostat
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