BP first-quarter profit up 17% despite spill damage

Are we paying for this at the gas pump?

BP first-quarter profit up 17% despite spill damage

 

STEFAN WERMUTH/ REUTERS – BP reported a 17 percent increase in first-quarter profit on April 27

By Steven Mufson, Published: April 27

Bolstered by soaring crude oil prices, BP reported a 17 percent increase in first quarter profit to $7.1 billion and sought to convince investors that it was coping with the costs of the massive oil spill in the Gulf of Mexico last year.

The company’s earnings did show signs of spill damage. The sale of assets last year to fund the costs of spill cleanup and reparations helped shrink the oil giant’s production of oil and natural gas by 11 percent compared with the first quarter of 2010. BP also set aside $400 million to cover spill costs, on top of the $40.9 billion it had already reserved for those costs.

Click on post title to read more.

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: