Executive: No Guarantee BP Will Help Pay Subsidiary’s Fines
An executive for the BP subsidiary that faces billions of dollars in possible fines for the 2010 Gulf of Mexico oil spill says it is uncertain whether other BP entities would step in to help pay a steep penalty.
(From ABC News / by Kevin McGill(AP) – The day’s first witness was Richard Morrison, regional president and chairman of the board for BP Exploration and Production, often referred to in court as BPX&P. He acknowledged three times since the spill when BP entities have aided his corporation with loans or equity purchases but added that he had no way of knowing whether parent corporation BP PLC or other entities would provide more help. Read the full story »