BP Has Around $14B After Tax to Cover US Civil Fines, Claims

LONDON - BP PLC has headroom of around $14 billion after tax credits to cover Clean Water Act fines as well as other claims and litigation costs stemming from its April 2010 Deepwater Horizon disaster in the U.S. Gulf that aren't payable from its $20 billion trust fund, ratings agency Moody's said Monday.

Although BP's financial results weakened in 2012, additional divestment proceeds should allow the company to absorb cumulative costs of up to $40 billion after tax, and retain its A2 rating, the agency said in a report.

However, considerable financial uncertainty will continue to weigh on the U.K. energy giant until the size of the ultimate financial liabilities arising from the disaster are known, Moody's said.

The first phase of a civil trial on Deepwater Horizon is scheduled to begin later Monday before a federal judge in New Orleans. The first stage will determine who was responsible for the accident and whether BP and other defendants acted with gross negligence. The second phase, which is likely to start in September, will determine how much oil was spilled.

The trial won't rule on the amount of the penalties and awards to claimants. That would be determined at a separate trial at a later date, probably not before 2014, Moody's said.

To date BP has spent a total of $37.2 billion pre-tax, which is equivalent to $26.1 billion after tax, on costs arising from the 2010 disaster, Moody's said.

Moody's said it expects BP's cash flows to strengthen from 2014 onwards as it begins to reap the benefits of the large roster of upstream projects that it is working on, many of which are based in high-margin regions.

This would help strengthen the group's credit metrics relative to their weaker positioning expected in 2013.

Copyright (c) 2012 Dow Jones & Company, Inc.

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Atheists Face Discrimination, Persecution Around the World

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A new report reveals that not only are atheists persecuted and discriminated against for their lack of religious faith around the world, but that they can even be executed in some countries if their beliefs become known. According to the study, “ ‘unbelievers’ in Islamic countries face the most severe—sometimes brutal—treatment at the hands of the state and adherents of the official religion.”

Countries where religious skeptics can be punished by death include Afghanistan, Iran, Maldives, Mauritania, Pakistan, Saudi Arabia and Sudan.

The report, which was conducted by the International Humanist and Ethical Union, also shows that policies in the United States and European nations tend to favor those who practice religion and their organizations over atheists and humanists.

Reuters via The Huffington Post:

The report, “Freedom of Thought 2012”, said “there are laws that deny atheists’ right to exist, curtail their freedom of belief and expression, revoke their right to citizenship, restrict their right to marry.”

Other laws “obstruct their access to public education, prohibit them from holding public office, prevent them from working for the state, criminalize their criticism of religion, and execute them for leaving the religion of their parents.”

The report was welcomed by Heiner Bielefeldt, United Nations special rapporteur on freedom of religion or belief, who said in a brief introduction there was little awareness that atheists were covered by global human rights agreements.

Read more

—Posted by Tracy Bloom.

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