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I'm listening to a fascinating presentation by Robert Dudley, President and CEO at BP, regarding an update on the oil spill in the Gulf.
Also presenting; Admiral Thad Allen, National Incident Commander US Coast Guard & Ken Feinberg, Administrator, Gulf Coast Claims Facility.
I will summarize what I heard from each of the three individuals. I did this on my Blackberry as they spoke and from memory so some of my numbers or notes may not be 100% precise or exact.
Robert Dudley
President and CEO at BP
Dudley apologized again for the spill. He confirmed that the spill has been capped and oil has not spilled out since August 13.
He stated the next step is to remove the safety cap which should have gone into place when the spill started. This piece is going to be removed and will be used as evidence to prove what liability BP has with respect to their spill.
He apologized for all of the wildlife that has been impacted and has suffered because of the spill and pointed to funds which are now being used to help clean and treat impacted wild life.
BP has placed 3 Billion dollars into a fund to help deal with claims that have or will be filed.
BP is going through an organizational review and will be selling assets in the amount of 30 billion dollars in order to re-focus the company. He indicated this isn't only going to change the way BP operates, but it will also change the way the industry does off-shore work.
He listed literally millions and billions in funds that are being spent by the company to respond to this.
Damages across the coast from an environmental perspective need to be addressed. BP is committed to assessing this and putting into place a plan to reach out to all of the affected communities and actually assist them in drafting claims.
He believes that BP and the country are in uncharted territory. The company needs to remain viable and healthy in order to stay in business and work through the recovery.
He indicated that if there is a way for the state and BP to put together a recovery strategy in order to fast track all obligations it would be beneficial to all. Deep litigation could delay this process for years. He pointed to the Exxon Valdez law suit. The spill happened in 1989 and they just recently settled the law suit.
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