Russian Billionaires Win BP (BP), Rosneft Share-Swap Battle

The share swap deal between BP (NYSE:BP) and OAO Rosneft was blocked by Russian billionaires who had fought against the deal.

BP said in a statement it was disappointed by the outcome of the tribunal and that it would look to find a way to “resolve its differences” with the Russian billionaire partners in its TNK-BP joint venture. It will also apply for a ruling as to whether the share swap can proceed by itself.

BP’s partners, represented by the AAR group, claim the right for TNK-BP to pursue new opportunities in Russia on behalf of the London-based oil company. Last month, they won a court injunction to delay the deal.

The ruling is a setback for BP’s efforts to exploit one of the largest untapped oil troves. The January agreement with Russia’s state-owned oil company was part of Chief Executive Officer Robert Dudley’s strategy to revive the U.K. producer after last year’s Gulf of Mexico oil spill last year.

BP closed Thursday at $46.81, gaining $0.58, or 1.25 percent.




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BP (BP) Management At Fault Says Exxon's (XOM) Tillerson

At a company analyst meeting in New York, Exxon Mobil (NYSE:XOM) CEO Rex Tillerson blamed the BP (BP) oil spill disaster on the management of the company, saying it was primarily their fault.

Tillerson said, "It was a breakdown of management oversight. When you do things the proper way these kind of things do not happen."

This was after BP Chief Executive Officer Robert Dudley said at a recent energy conference that the Gulf oil spill wasn't a "one-in-a-million occurrence" and industry-wide changes were needed.

Tillerson blasted those comments, saying Dudley did the industry "a great disservice" in making those assertions.

Dudley continues to say BP didn't act in a negligent manner, even as criminal and civil investigations are being opened.

BP closed Wednesday at $47.41, down $0.40, or 0.84 percent. Exxon closed at $84.38, down $0.22, or 0.26 percent.