Friday, November 27, 2015   

BP reveals oil spill costs at US$42.5b
(10-29 15:54)

British energy giant BP said net profit slumped 34 percent to US$3.5 billion in the third quarter compared with the equivalent period a year earlier.
The group's replacement cost profit – which excludes changes in the value of oil inventories – dropped to US$3.18 billion. Production fell 2.3 percent while BP was hit also by lower refining margins, it said in an earnings statement in London.
BP added that charges incurred by the group as a result of the Gulf of Mexico oil spill disaster in 2010 currently stood at US$42.5 billion.
“Compared with 2012, the third-quarter result was significantly impacted by weaker refining margins, particularly in the US, as well as the absence of earnings from the divested Texas City and Carson refineries, each of which delivered unusually strong results in the third quarter of 2012,'' BP said.—AFP

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