Beleaguered oil giant BP agreed to pay a record $50.6m fine for safety failings at its Texas City oil refinery after a 2005 explosion which killed 15 workers.

The US Occupational Safety and Health Administration today issued a record $87m (€59m) fine against oil giant BP for failing to correct safety hazards after a 2005 explosion killed 15 workers and injured 170 at its Texas City refinery.

As Hurricane Ike charged into the Gulf of Mexico and toward the Texas coast, officials prepared today to evacuate the first of a million residents who could be in the way of the storm’s path.

Oil major BP is set to axe 5,000 of its 97,000 employees worldwide under cost-cutting plans announced today in the wake of a profits fall.

Oil giant BP formally entered a guilty plea in a deal with US prosecutors over the deadly explosion at its Texas City plant in 2005.

The Texas Supreme Court has ruled that former BP chairman John Browne cannot be questioned without limits about his knowledge of the oil giant’s deadly Texas City refinery accident.

Eight men reached a settlement with British energy giant BP in the second civil trial involving injuries in the deadly explosion at the company’s Texas City refinery.

Oil giant BP today offered hopes of a recovery from its recent woes despite a 45% slump in profits.

Oil giant BP suffered a 45% fall in profits today as production problems continued to blight the business.

British energy giant BP went to Texas’ Supreme Court in a bid to keep its former chief executive from being questioned in lawsuits over a deadly plant explosion two years ago.

The new boss of oil giant BP vowed to strip out layers of management today as part of a "fundamental shift" in the way the company works.

Oil giant BP today confirmed plans for a restructuring after the group's new boss spoke of the group's "dreadful" performance.

Oil giant BP's new chief executive is planning a radical overhaul of the group as part of a plan to shore up the group's flagging results, it was reported today.

The former manager of a US BP plant where 15 people were killed in a 2005 explosion has denied repairs were delayed because of concerns over how profits would be affected.

Lawyers for BP have objected to comparisons made between the British oil giant’s deadly 2005 plant explosion in the US and examples of corporate mismanagement such as Enron’s collapse.

Lower output and refinery stoppages left oil giant BP nursing a slight dip in second-quarter profits today.

The BP executive in charge of the Texas City refinery hit by a fatal blast two years ago is to step down at the end of August, the oil giant said today.

Oil major BP today announced the appointment of a watchdog to monitor safety improvements at its five US refineries.

A shareholder revolt over the pay package of BP boss Lord Browne today threatened to overshadow his last annual meeting as chief executive of the oil giant.

Safety failures at all levels of the BP business were to blame for the Texas City refinery explosion which killed 15 people, a new report said today.

Board directors of oil giant BP knew about the link between spending cuts and poor maintenance at its Texas City oil refinery a year and a half before the fatal accident which killed 15 workers, it was reported today.

British energy firm BP is settling a pair of court cases stemming from a deadly explosion at its Texas City oil refinery two years ago, a lawyer for the two workers said tonight.

Outgoing BP chief executive John Browne has been ordered to answer questions about the company’s Texas City plant explosion in 2005 that killed 15 people and injured hundreds more.

BP was accused of failing to ensure the safety at its refineries in the United States today in a devastating blow to the oil giant’s reputation.

Lord Browne of Madingley shocked the City tonight when he said he will stand down as chief executive of oil giant BP in July.

The London market was in subdued mood today despite a much needed boost for retail shares amid signs that shoppers were heading to the high street before Christmas.

Internal BP documents released to the US public as part of a lawsuit settlement stemming from last year’s deadly explosion at a Texas oil refinery detail prior knowledge within the company of problems at the facility.

A woman whose parents were killed in an American oil refinery blast has received a payout after BP settled the last remaining lawsuit.

Friends Provident led the FTSE 100 Index into the black today after better-than-expected sales figures.

Oil giant BP was under fresh pressure today after American safety officials said budget cuts and a lack of leadership contributed to “significant safety problems” at the group’s Texas City plant, where 15 people were killed in an explosion.

Troubles at oil giant BP deepened today after output in the last three months fell even lower than a year ago when production was devastated by hurricanes.

Troubled oil giant BP was dealt a further blow today after problems in Alaska saw production levels fall in the third quarter.

Insurer Standard Life was given a rough ride on its debut in the FTSE 100 Index today.

Technology-based stocks took a battering today after a profits warning from bluetooth chip maker CSR.

Oil traded near record highs today after the discovery of pipeline corrosion caused BP to close the biggest production field in the United States.

BP boss Lord Browne ended intense speculation over his future today and said he will leave the oil giant at the end of 2008.

Oil giant BP reported a fall in production today as it continued to suffer from damage caused by last summer’s brutal hurricane season.

UK oil giant BP posted a 4% fall in first-quarter profits today as it felt the effects of storm damage to rigs and the shutdown of its biggest refinery.

Oil giant BP today defended its safety record at the end of a year that senior executives described as challenging and of mixed fortunes.

BP will report a sharp jump in profits today, although the figure is unlikely to top the record set by rival Royal Dutch Shell last week.

Record profits for a UK company could be set by BP this year after the oil giant revealed today it was taking more than £30m (€44.3m) every day.

OIL prices rose over $1 yesterday as Hurricane Rita threatened US Gulf of Mexico oil facilities, but rising fuel inventories helped ease concern of potential supply disruptions.

Hurricane Rita strengthened to a dangerous Category 3 storm early today, sparing the Florida Keys but prompting mandatory orders to once again evacuate New Orleans as well as the Texas city of Galveston.

Taking a cue from the suffering in New Orleans, residents lined up for plywood and officials called for a voluntary evacuation of the island city of Galveston as Hurricane Rita threatened to slam into the Texas Coast this weekend.