Boston, MA, 02/25/2014 (usastockreport) – BP plc (ADR) (NYSE:BP) said on Monday that it has begun pumping crude from its new well located at one of its four major deepwater project in Gulf of Mexico, marking the second major startup in the region this year. The new well at the Na Kika semi-submersible platform will be the third among six wells which are scheduled to start operations in the current year. The well forms a part of the multibillion dollar project intended to increase the crude output from the Gulf region over its previous record peak of 1.8 million bbl per day in two years. In the Na Kika project, BP plc (ADR) (NYSE:BP) holds 50% ownership, while the rest is being shared by Royal Dutch Shell. The two companies are also working at Shell’s Mars B deepwater field, which is a first major upgrade this year in Gulf.
Fifth Third Bancorp (NASDAQ:FITB) disclosed further details relating to credit reporting error, which came into light earlier this month. Fifth Third Bank along with its credit card processing provider, TSYS, said on Monday that the credit reporting error occurred due to a software change related coding issue at TSYS. The bank confirmed that upon the receipt of error notification, TSYS promptly corrected the error and sent corrected information of the 21,221 impacted customers to the credit bureaus. TSYS’s Chairman and CEO, Phil Tomlinson took the complete onus of the error and said that they are constantly working with the bank and credit bureaus to correct every single detail of the customers.
According to the analysts covering Target Corporation (NYSE:TGT), the retailer is most likely to tone down its effort in share buybacks this year as it recovers from the expensive data breach. Fitch Ratings point out that the company might have to risk its credit rating in order to borrow money and stay close to its original buyback plan. Now, as the victimized retailer prepared to reveal its Q4 numbers tomorrow, all eyes are set on the costs associated with the data breach, which is estimated to be as high as $1.1 billion.