Total's Recall of Oil Risk

Cut through the jargon, and the oil business really boils down to one thing: risk management. Ultimately, the majors exist to bridge the many pitfalls involved in finding, developing, producing and distributing energy.
This tends to come into focus only when something goes wrong, like Total's TOT +1.25%natural-gas and condensate spill in the North Sea. Down 6% Tuesday, Total is leaking value almost as fast as the Elgin field. That is likely an overreaction, but this in itself should worry oil and gas producers everywhere.

French oil major Total sent a remotely operated vehicle to evaluate the situation at the Elgin platform in the North Sea, where an accident prompted the company to stop gas extraction. Dow Jones's Sarah Kent and Alexis Flynn have the latest. Photo: Getty

Unlike BP's BP +0.27%Deepwater Horizon disaster of 2010, there are no fatalities from Total's incident. Moreover, this leak mainly involves natural gas, which presents some danger in the immediate area but will disperse into the atmosphere rather than foul beaches. And while fixing Elgin might take as long as six months, its overall value to Total is only around €2.6 billion ($3.47 billion), Sanford C. Bernstein estimates—far lower than the €6 billion drop in market capitalization.

But the stakes are actually bigger than that. Deepwater Horizon significantly undermined confidence in the oil industry's ability to manage risk. This has had two effects.

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First, it means investors are more likely to sell at the first hint of trouble, afraid to rely on initial company estimates of the damage involved, which proved far too optimistic in BP's case. Second, it has heightened political sensitivities, meaning even relatively small spills can become a cause célèbre. Witness the continuing uproar in Brazil over Chevron's CVX +0.72%offshore leak in the Frade field.

Reuters

As their recent strategy presentations demonstrate, the majors are relying on pushing further into frontier prospects like deep-water drilling and hydraulic fracturing of shale resources to underpin growth. Their ability to do this at all, let alone cost-effectively, diminishes with every foul-up, big or small. The Elgin leak matters less for Total than it does for the oil industry in totality.

Taylor Swift, Miranda Lambert among big winners at ACM Awards 2012; Ashton Kutcher to play Steve Jobs

Taylor Swift took the entertainer of the year honors for the second year in a row at the ACM Awards, a.k.a. the Academy of Country Music Awards. Miranda Lambert was named the year’s top female vocalist, while her husband, Blake Shelton, snagged that award in the male category. Shelton also co-hosted the Las Vegas ceremony with Reba McEntire, treating the audience to some really goofy jokes about Swift, Tim Tebow and Osama bin Laden. Here’s the full list of winners. (Associated Press)


Ashton Kutcher has signed on to play Apple co-founder Steve Jobs in an indie film that traces the visionary’s rise to corporate powerhouse. He’s already started preparing to play the late tech-world icon. And by that I mean, he tweets a lot. (Huffington Post)
Adam Levine of Maroon 5 and “The Voice” has apparently broken up with Anne Vyalitsyna, his model girlfriend of two years. (People)
According to a tweet from “Today” show executive producer Jim Bell, Ryan Seacrest is going to make a “big NBC announcement.” (The Hollywood Reporter)
Want to see Justin Bieber get green slime dumped on him at the Kids’ Choice Awards? Your dreams come true after the jump.

The Criterion Collection plays its annual April Fool’s Day joke by tweeting an exciting announcement about a Criterion release of “Kindergarten Cop.” (Gawker)
Chevy Chase and Dan Harmon, “Community” show-runner, have gotten themselves in a public feud, one that reportedly started when Chase walked off the “Community” set during the finale shoot and escalated when Harmon gave a “[Bleep] you, Chevy” speech at the Season 3 wrap party. Chase reportedly left the party, then left Harmon this profanity-laced voice mail. This is not how things are supposed to roll with the study group! (Vulture; Deadline)
Justin Bieber and Will Smith were the recipients of perhaps the most vicious sliming during Saturday’s Kids’ Choice Awards, a sliming that also spewed green goo on first lady Michelle Obama, who was seated in one of the front rows. I feel pretty confident that this is the slimiest thing you’ll see all day.

Ubaldo Jimenez’s “gutless” plunking of Troy Tulowitzki angers Rockies

Troy Tulowitzki yells at Ubaldo Jimenez after being struck in the elbow by a pitch. (Marcio Jose Sanchez / AP)
Was it simply an accident, leftover hard feelings over his time in Colorado or “the most gutless act” Rockies Manager Jim Tracy has “seen in 35 years in the game?”
The first pitch from Cleveland Indians pitcher Ubaldo Jimenez drilled his former Rockies teammate Troy Tulowitzki smack on the elbow Sunday, triggering a bench-clearing standoff in the spring-training game in Scottsdale, Ariz.
Given that Commissioner Bud Selig was in the stands, Major League Baseball most likely will get to the bottom of things.
“You guys will have to talk to him and see if it was intentional or unintentional,” Tulowitzki said. “I didn't expect anything and the emotions took over. A couple of words were exchanged but nothing more than that.”
Troy Tulowitzki (left) is held back by Manager Jim Tracy (right) and coach Rick Matthews (Marcio Jose Sanchez / AP) X-rays revealed no injury, but it’s not clear whether the All-Star shortstop, whose swollen elbow was wrapped after the game, would be ready for the opener.
“From my take, as soon as he hit me it just seemed like he wanted a little more. That's when the confrontation started,” Tulowitzki said. “I definitely wasn't happy about being hit. I don't think you ever are ... so it was back and forth. Not saying it was just him or me.”
Tracy was far more emotional in a profanity-laced tirade.
Ubaldo Jimenez yells at Troy Tulowitzki as Carlos Santana (left) holds him back. (Marcio Jose Sanchez / AP) “It's the most gutless act I have seen in 35 years of professional baseball” Tracy told the Denver Post. “I have lost all respect for him. He should be suspended. I am going to be very disappointed if he doesn’t get suspended. Are you kidding me? Five days before Opening Day and you are going to take a potshot like that? I have lost all respect for him.”
There have been issues since the Rockies gave Tulowitzki, and not Jimenez, a contract extension. Earlier in spring training, Jimenez said playing for the Indians was “heaven” compared with playing in Colorado. But residual unhappiness with the Rockies, detailed recently by the Denver Post’s Mark Kiszla, wasn’t behind the plunking, Jimenez said.
“I was surprised [when Tulowitzki moved toward him],” Jimenez told the Plain Dealer. “I've never had any problem with him. He was calling me things.
“I'm a man. I try to relax all the time, but if someone calls me out, I've got to go. He was calling me names. He was calling me a chicken. Well, not chicken, but another really aggressive word that I can't say right now.
“I don't look for trouble, but if you call me out, I'll be there.”
Jimenez was bothered last season by injuries to a finger on his throwing hand and resented suggestions that he came to spring training unprepared to throw, Kiszla writes.
Among others, Tulowitzki questioned his commitment. “If someone doesn't want to be here," Tulowitzki told the Denver Post, "we always say, 'Please, go up to the manager and tell him you want to leave or that you don't think this is the best place for you.’ That was kind of the case with him.”
Jimenez admitted that “Last year was a roller coaster because I didn't know what I had before I pitched a game. I didn't know what I had physically. I know I wasn't 100 percent. Sometimes I felt good, sometimes I didn't. So it was hard,” Jimenez told Kiszla in late March.
“There were too many things last year. There were people saying that I probably wasn't ready because of the contract. ... But I know what I did. I know how hard I worked to get ready every single day.”
On Sunday, Tracy flashed back to Jimenez’s comments to Kiszla.
“Knowing what I know, knowing what took place last year, and where this team was at going into the second month of the season and doing what we did [in April] and he was nowhere to be found. I have lost all respect for him,” Tracy said.
“Look at where we were last spring. At what took place after the 2010 season and what we did in the beginning of the 2011 season without him. Waiting for him. Taking bullets for him. All the different things. And to pull that [expletive]. As I have said, the most unprofessional thing I have ever seen since I started in professional baseball.”

Katie Couric is back! Live updates on ‘Good Morning America’

Katie Couric is gracing the “Good Morning America” television set this morning in an attempt to break the more than 16-year weekly ratings winner streak of “The Today Show.” Does she have what it takes? Follow the live updates below.Time to say goodbye to Katie's first day co-hosting “Good Morning America.”
“I’m going to be out with Sting this morning,” she tells George. “It can’t get much better than this….Thank you George. I love you George!”
8:50: Katie also, wisely, skips interviewing Rachel Dratch about leaving NBC’s “Saturday Night Live” to star in an NBC sitcom, created by her longtime friend and “SNL” alum Tina Fey and exec produced by “SNL” chief Lorne Michaels, and then, humilatingly, getting replaced on the show and thinking “another job will come up.” But nothing came up.” NBC – so cold. Lorne Michaels – so cold. Tina Fey – so cold.
So she’s written a book about meeting a guy in a bar and dating him for a while and getting pregnant and now having a 19-month old baby boy and how her relationship with the father is now. “We’re neighbors and co-parents.”
Oh — and that “surprise legend” that NBC's “Today” show booked — its answer to the Katie Couric threat? Meredith Vieira. Geesh.
8:43: While Katie takes a break, George interviews South Carolina Gov. Nikki Haley — in case you thought he was going to turn over the big stuff to her too.
She pitches GOP presidential candidate Mitt Romney. She pitches her new book, “Can’t is Not an Option.”
George wonders if she’s agree to become Romney’s running mate.
“No interest at all,” Haley insists.
“I would not accept. I made a promise to the people of my state.”
8:31: Katie does a report on precocious puberty. Girls developing breasts as early as age 6. Katie puts on the glasses.
Chemicals, household products, family stress, homes without biological fathers, Katie explains. Not good.
“You can’t drive yourself crazy…you might have to have a discussion with your daughter earlier than you thought you were going to,” advises a doctor.
“It’s an alarming thing to hear when [your child] is developing early – in elementary school,” says the New York Times magazine writer who penned the story from which “GMA” got the story.
8:20: Time for Katie to Dance. She goofs around with “Dancing” host Tom Bergeron. “For one night only on ‘Dancing with the Stars’ – Katie Couric!”
“Who do you think is going to win?” Katie asks him.
“One of these couples – definitely,” he responds.
Gladys Knight tells Katie she’s “having so much fun.” Katie tells her she misses the Pips.  Right on cue, a Pip shows up, shows Katie some moves.
Katie hugs Maks. “I’m really hating this assignment.”
She asks another celebrity dancer, telenovela star William Levy, whose billed on the show as the “Mexican Brad Pitt” if he is, in fact, called “The Mexican Brad Pitt.”
“No.” he responds. He’s called “William.”
“He really is cute, though,” Katie assures us, despite the disappointing interview.
Katie asks Jaleel White if he wants to win “the disco ball.”
“She called it ‘the Disco Ball’! We are not here competing for a disco ball, Katie!”
Does Katie really watch this show obsessively, as she insists?

8:07:Did we mention Katie’s going to do a segment in which she dances with Derek Hough from ABC’s “Dancing with the Stars”?
“You’ve got the moves!” George says of a short tape, again showing Katie’s great gams.
“You ready to do that next?” Goerge asks her.
“There is not enough anti-perspirant to prepare me for that job,” Katie insists. “ I don’t know how the people do it…People who aren’t dancers have the nerve to get out there and strut their stuff.”

8:04:“Everyone out there in Times Square is saying ‘hello’ to Katie Couric,” George says after a shot of the crowd outside “GMA” studio.
“No, they’re here for everybody,” Katie says modestly.
George notes Katie had to travel a little further west this morning – NBC’s “Today” show, where Katie worked many years, is a few blocks to the east.
“I admit I got a little lost along the way,” Katie says, by way of segueing into a taped bit of Katie getting into her limo, being driven to the studio – “Today” show studio! “No, no not THIS morning show!” she tells the driver.
Tape shows Katie practicing the words “Good Morning America!”

7:51: Katie’s on the couch with the GMA crowd.
They want to show her some cute video.
Of some big antelope-like creature knocking over a bicycling guy on a large grassy knoll. The guy was okay, they assure Katie.
Of a little girl hyperventilating as she tries to blow out a super-huge birthday (?) candle.
Of a St. Bernard that can balance most anything on its nose.
Of a walrus doing sit-ups.
”That is so cute! Where was that walrus?” asks intrepid journalist Katie.
“That’s a very good question,” is GMA’s answer. “GMA” needs to up its game if it’s going to play with Katie.

7:46: Coming up — Katie dances!

7:45: Katie stays away from story about “hocking sex scandal” about a high school teacher and NFL cheerleader, accused of having sex with a former student, who’s a minor.
“This one’s a doozy,” Linsey Davis tells George.

7:38: Katie refs a verbal scuffle between Dan Abrams and Nancy Grace, over dead “missing mom,” whose husband subsequently killed their kids and killed himself. Katie has never had to ref a he said/she said on morning infotainment TV before. Apparently she had a great contract. She shows them she has a whistle, and she’s not afraid to use it.
“They died by an axe to the neck — They died of a chop to the neck, Katie!” Nancy shrieks of the murdered children.
“I think the blame goes on the people who didn’t charge him,” Dan says earnestly.
“You’ll have to discuss this during the commercial break. I’m just happy I didn’t have to use my whistle.. It’s a tragedy and a very upsetting story,” Katie says. Katie has new glasses.

7:31: “As you know, I’m riding shotgun. I’m a little rusty,” Katie tells George as he once again welcomes her back to morning infotainment TV.
Katie will report behind the scenes on ABC’s “Dancing with the Stars.”
“I never miss ‘Dancing with the Stars’,” she effuses. “It’s so much fun going behind the scenes.” Shot of Katie’s great gams. “I pretty much oogled Maks.”

7:19: One harrowing report about woman who plunged into creek in deep snow and nearly suffocated later, it’s time for an ad break. Katie had gotten through her first segment on morning infotainment TV. Katie’s back where she belongs.

7:16: George, Jake, and Katie mull former President Clinton having opened the door again for wife Hillary Clinton to run for president in the future in the course of the tapes interview.
“Her schedule has been insane!” Katie contributes.

7:15: Much “Hi, Katie!”-ing from various “GMA” regulars during reports on the mega-lottery mess. President Clinton pitches in to the historic broadcast — Katie’s co-hosting gig on “GMA” is expected to explode ”Today” show’s more than 16-year record as weekly ratings winner. Clinton’s appearance is in a taped interview, though, and not with Katie.

7:07:Tape of Katie waking to “I’m sexy and I know it,” gargling, guzzling coffee from yellow happy face mug, chugging cereal from the box.

7:06:“I’m happy to be here, George. It’s a little strange and I’m a little nervous…I first woke up at 1:15 and I’m ready to go! Yes, I got back to sleep.”

7:04:Katie’s going to dance on “Dancing with the Stars!”

7:03: “Look who’s back in the morning,” George gushes.

7:00: “I’m Katie Couric. Good Morning America!” says, well Katie Couric, diving back into morning infotainment TV Monday morning, only on ABC’s “Good Morning America” and siting next to George Stephanopoulos.

Cleveland's plea to Ubaldo Jimenez

Ubaldo Jimenez is known for being an intelligent guy, for being well-spoken. In the aftermath of Sunday's incident -- in which he hit former teammate Troy Tulowitzki in the elbow with a fastball before rushing off the mound and seemingly inviting the opportunity for more than just angry words -- Jimenez gave a perfectly worded answer in addressing the question of whether he had aimed his fastball at Tulowitzki.

Defense lawyers all over America would be proud of what he said in explaining his actions, as described in Paul Hoynes' story this morning:

"It was the first inning and I didn't have good control of my fastball. You guys can see that. I walked the first guy. Tulo is one of the best hitters in the game and you have to try to go inside on him and that's what I tried to do."

"I was surprised," said Jimenez, when asked about Tulowitzki moving toward him. "I've never had any problem with him. He was calling me things.

"I'm a man. I try to relax all the time, but if someone calls me out, I've got to go. He was calling me names. He was calling me a chicken. Well, not chicken, but another really aggressive word that I can't say right now.

"I don't look for trouble, but if you call me out, I'll be there."

In short, Jimenez's version is that he was an innocent bystander before Tulowitzki yelled at him.

The Colorado Rockies aren't buying it, of course; Jim Tracy was furious. The Rockies are expected to request a suspension, writes Troy Renck. It figures that Jimenez will face a suspension of at least five games, which is the minimum required to impact a starting pitcher who participates only once every five days. Commissioner Bud Selig was reportedly at Sunday's game.

Aubrey O'Day walks off 'Celebrity Apprentice'

She's usually one tough cookie, but on Sunday's three-hour Celebrity Apprentice, Aubrey O'Day couldn't take the heat and walked off the show, saying, "I don't want to be around all the negativity anymore ... the environment is so ugly. I just don't know if this is the right place for me."
Instead of heading back to the apartment, the former Danity Kane singer was seen heading for the elevator, which fired stars use to exit the show.
Where did she go? "lol. I went 2 church!" she wrote on Twitter after the show.
And will she be back? She tweeted to fans, "I stay! xoxo"
Meanwhile, in tasks that included Regis Philbin as a judge, Donald Trump sent two celebs home. In the first, project manager Teresa Giudice brought Dayana Mendoza and Debbie Gibson back with her and Trump fired Gibson. In the second, project manager Lou Ferrigno brought back Mendoza, again, and Dee Snider, who wound up getting fired.

ACM Awards 2012: Miranda Lambert, Taylor Swift win big in Las Vegas

(CBS/AP) LAS VEGAS - The Academy of Country Music Awards were a lot of country and a little bit rock 'n' roll on Sunday night, with appearances by rock band KISS and U2 singer Bono, a sexy performance by Carrie Underwood, two honors for both Miranda Lambert and Jason Aldean and Kelly Clarkson's hit duet, as well as big wins by Taylor Swift and Eli Young Band.

Wearing a sexy black and magenta mini-dress, Underwood kicked off the night with "Good Girl," mixing country with a blast of rock.


Pictures: ACM Awards 2012 red carpet
Pictures: ACM Awards 2012 show highlights
Pictures: ACM Awards 2012 press room
ACM Awards 2012 winners


Eli Young Band took home the first award of the evening scoring song of the year for "Crazy Girl." The quartet beat out country heavyweights, including Lady Antebellum and Kenny Chesney. "I have dreamed this moment my whole life and I can speak for the rest of these guys up here that they have, too," lead singer Mike Eli told the crowd.
The album of the year award went to Lambert for her 2011 release, "Four the Record." Lambert looked surprised upon hearing her name. "Seriously?" Lambert said when she hit the stage. She added, "Every record is amazing, and I'm so thrilled. I will never take this trophy for granted. My albums are my babies. It's what makes me wake up in the mornings."
Lambert also won her third consecutive female vocalist of the year award. Her husband, ACM host  Blake Shelton, scored male vocalist of the year.
Taylor Swift won her second straight entertainer of the year trophy at the ACMs. She bested her all-male competitors, including four-time winner Kenny Chesney, along with Brad Paisley, Shelton and Aldean.
While accepting her award, Swift took a moment to say hello to Kevin McGuire and his family. McGuire, a high school football player and Swift fan who has cancer, was to have been Swift's date to the awards, but he was hospitalized and couldn't make it.

"He's not here but I promised him I would give him a shoutout," Swift said of the Somerdale, N.J., resident.

The members of KISS, sporting full makeup, almost looked out of place as the rockers announced Lady Antebellum as winners of vocal group of the year. The country trio thanked fans, family and country radio for the win.

The night's single record of the year went to Aldean and Clarkson for their hit duet, "Don't You Wanna Stay." The pair's collaboration also won vocal event of the year.
"I kind of thought it needed a female vocal on it and Kelly was the first name I threw out," Aldean told the audience when he hit the stage. "And I'm really glad I did because she came in and made a great song, and just took it to a great place."

Added Clarkson: "Thank y'all so much for welcoming me from the pop world!"
"American Idol" alum Scotty McCreery won the fan-voted new artist of the year honor.
"Two and a Half Men" star Ashton Kutcher took the stage to announce female vocalist of the year. Wearing a cowboy hat, the newly single actor showed off his singing skills by belting out part of George Strait's "I Cross My Heart" before announcing Lambert as the winner.

Some awards were handed out before the televised show on Sunday night, including Toby Keith's "Red Solo Cup," which scored video of the year. His rowdy live version of the song got the ACM audience members out of their seats Sunday night at the MGM Grand Garden Arena.
Husband and wife duo, Thompson Square, meanwhile, was given the vocal duo or the year award during a concert Saturday night, topping Sugarland.
Chesney went into the night with nine nominations, while Aldean had six.
The evening's co-hosts Shelton and Reba McEntire didn't waste any time before they started cracking jokes. In their opening, the pair called out everyone from Newt Gingrich and Mitt Romney to Taylor Swift and Tim Tebow. Shelton questioned "rumors" about Swift going on a date with the NFL star. The humor continued through the night.

The awards ceremony was chock-full of performances by everyone from Lionel Richie and The Band Perry to Keith Urban and Sara Evans. Viewers didn't see an award announcement until more than a half-hour into the show.

Actor-comedian-banjo player Steve Martin joined Rascal Flatts on "Banjo" after a brief tribute to country pioneer Earl Scruggs, who died last week.

Martina McBride and Train's Pat Monahan teamed up to help New Jersey couple Christina Davidson and Frank Tucci get married on stage while they sang "Marry Me."
Among the stars who strutted on the red carpet included The Band Perry, Eli Young Band and Underwood, who arrived in a long strapless nude-colored dress with silver details. She said she kept stepping on the hem of her own dress. Jennifer Nettles of Sugarland described her custom Max Azria dress color as "watermelon Jolly Rancher."