) share price rose 2.3% on the news that the company and the U.S.
Coast Guard are terminating cleanup operations along the
shoreline four years after the Deepwater Horizon disaster and oil
spill in the Gulf of Mexico.
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Since the Macondo well spilled millions of barrels of oil into
the ocean in 2010, the company hit a milestone with the
completion of cleaning on the last three shoreline miles in
Louisiana. These operations, which concluded in Jun 2013, were
carried out in Florida, Alabama and Mississippi.
The joint effort of thousands of people from all walks of lives
including BP workers, local communities, government agencies and
academic institutions helped in achieving this milestone. BP had
committed to clean up the shoreline following the accident as
well as support the economic and environmental recovery.
However, according to the Coast Guard the cleanup is still not
over and BP's announcement of completion does not coordinate with
it. The announcement also does not reflect the ongoing cleanup
The shoreline plan may be finished but for the last three miles
the Coast Guard is changing to a Middle Response process. The
process opens up six active National Response Center cases and
requires improved equipment and more focused personnel.
BP's cleanup operations has cost it in excess of $14 billion with
more than 70 million personnel hours spent on response and
cleanup activities. From the start, BP worked alongside the Coast
Guard and in cooperation with state agencies and local
governments to restrict the impact of the accident on the
environment and remove oil from the water and shoreline.
The operations comprised aerial inspection flights that were
flown across 14,000 miles of shoreline, with about 4,400 miles
ground-surveyed. The teams established 1,104 miles that contained
some level of oiling and 778 miles that needed some measure of
BP carries a Zacks Rank #3 (Hold). Other stocks in the oil and
gas industry looking good with the Zacks Rank #1 (Strong Buy)
Range Resources Corp.
Helmerich & Payne, Inc.