Posted on 07/09/2010 1:08:17 PM PDT by Willie Green
HOUSTON -- The liability for the damage being done by the blown out well in the Gulf could cost companies based in Houston huge sums. But can they afford it?
Disturbing images of oil in the water and tar balls on beaches have come every day from the Gulf Coast. The images stand in stark contrast to the gleaming office towers in Houston occupied by oil and gas companies. In a city that for decades has dominated the world’s energy industry, it may be taken for granted that the companies are among the most profitable in the world and their people are some of the highest-paid.
Their offices alone might be envied: real estate brokers say the energy companies often scoop up Houston’s nicest high-rises and pamper their people with larger-than-average work spaces.
"They tend to be on the upper end of the scale, versus other industries," said Coy Davidson, a broker with Colliers International. "I think it’s a question of retaining talent.”
There may be no better example of that than James Hackett. As CEO of Anadarko based in The Woodlands, he earned $20.9 million last year, making him the 33rd highest-paid executive in the nation, even ahead of the top executive at McDonald's, according to Forbes magazine.
Like BP, Anadarko funds big offshore drilling projects. In fact, it has a 25 percent stake in the ill-fated BP well, so it could be liable for a significant portion of the damages.
"So it could be billions and billions and billions" of dollars, said Jacqueline Lang Weaver, who once worked for Exxon and now is a professor at the University of Houston’s Law Center.
But it’s not just Anadarko and BP on the hook.....
(Excerpt) Read more at khou.com ...
And, the companies mentioned in this article are owned by tens of millions of people. BP, for instance, has 39 million owners in the U.S. (and 40 million in the U.K.).
That is how the anti-corporation sentiment is created: use the word "rich" whether it makes any sense or not. "Wall Street bailout" of the rich. But Wall Street is owned by the Main Street --- retirees, widows and orphans for the most part. Even conservatives tend not to know that --- because of the writing such as this.
“They tend to be on the upper end of the scale, versus other industries,” said Coy Davidson, a broker with Colliers International. “I think it’s a question of retaining talent.”
There’s allot of “HOT AIR” blown around corporations about the “talent” they hire. I think, based upon the $hitty performance of some of these “great” corporations, that “talent” is allot of good acting.....
Ping-a-ling.
:...I think, based upon the $hitty performance of some of these “great” corporations, that “talent” is allot of good acting.....”
There’s considerable talent on the engineering side. The engineers objected to what was being done.
On the management side however.....well, remember where the engineering flunkouts go.
PING!
Houston Media was a bit more mournful over the passing of John O’Quinn, billionaire trial lawyer. A one man “industry” and a mover and shaker in Democrats power circles.
The other industry investors in the well which blew out might be responsible for a portion of the costs. However, the $75 million cap should work for them since they are not the operator. Also, they would have a claim against BP as the operator for its negligence related to the blowout and their incompetence in mitigating damages through the clean up, etc. I predict that these companies will be held harmless. BP and the 0bama administration do not want these companies’ lawyers requesting all of the documents and testimony surrounding this deal. They will bury that by protecting these guys. JMHO.
The other industry investors in the well which blew out might be responsible for a portion of the costs. However, the $75 million cap should work for them since they are not the operator. Also, they would have a claim against BP as the operator for its negligence related to the blowout and their incompetence in mitigating damages through the clean up, etc. I predict that these companies will be held harmless. BP and the 0bama administration do not want these companies’ lawyers requesting all of the documents and testimony surrounding this deal. They will bury that by protecting these guys. JMHO.
So what, are we back to the Houston of the 70s and early 80s, along with J.R.,”Urban Cowboy”, and other mythical “Big Oil” characters? Where is my copy of “Giant”?
Bastards just won life's lottery. Didn't do a damned thing to earn it.
That's why redistribution is so important. And death panels for those who object to redistributing the fruits of their labor.
Just like taxes on corporation, regulations, fees, fines, are passed on to consumers. A hundred billion dollar cost will add, around, 20 cents to a gallon of gas for a year, if the costs were all born domestically, which they are not since they are insurance costs for the industry world wide. Just like home owners in New England pay for, some, Florida hurricane damage. So, figure something like a penny a gallon increase for ten years, world wide.
No doubt bankruptcy and federal takeover of the oil companies is next on the Marxist agenda. Then all of those dirty profits can go directly to the federal treasury just like it does in Venezuela and Mexico. Plus many of those management jobs can be doled out to deserving politicians and academics. A few years from now the productivity of the state controlled petroleum industry will be significantly below today’s level resulting in shortages and calls for mandatory conservation. Rationing coupons can then be distributed by the government in a “fair” manner. Finally, when the next big spill occurs under government ownership, no doubt there will be no money for cleanup or compensation of the “victims”. We’ll need new taxes to pay for those costs.
I don't know who with this local station wrote this crap, but obviously they have not lived here long or are just dumb
Well when I posted the article, the author was named as "Dave Fehling / 11 News".
If you click on the link, it looks like he's been at KHOU since '89 and even teaches "Advanced Electronic News" at the University of Houston.
We may have a misunderstanding here. I wasn't critical of you for choosing this gentleman's article to post, I am glad you did. My criticism was for the author of the piece, only
No problem.
I knew that you meant the author and not me,
although I was a bit puzzled that you didn't recognize that he's been at channel 11 for quite a while.
Hey, don’t forget the Geologists, who helped find the giant...or the Landmen, who helped buy the lease, or all of the employees who helped make it the company that it became. Bad Management can destroy the efforts of all of these good people. I personally, would hate to work for BP because of guilt by association. Of course, I will be judged by the actions of BP because I am in the industry.
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