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July 31st, 2012 
FAKE NEWS for the Zionist agenda - It had to fork out an extra £847million to pay for legal costs of the disaster
By
Daily Mail Reporter
08:27 EST, 31 July 2012
|
11:15 EST, 31 July 2012
Oil company BP has lost £892 million in the second quarter of this year due to falling prices and the growing cost of cleaning up after the 2010 Mexico oil spill.
BP’s quarterly statement revealed that the company’s profits have plunged to just £151 million after weak trading during the first half of the year compared with a year ago.
Part of the problem is the hundreds of millions of extra dollars it has had to fork out to deal with huge litigation costs incurred dealing with the 2010 U.S. Gulf oil spill disaster.
Oil
company BP has lost £892 million in the second quarter of this year due
to falling prices and the growing cost of cleaning up after the 2010
Mexico oil spill
The BP group chief executive, Bob Dudley, said: ‘We recognise this was a weak earnings quarter, driven by a combination of factors affecting both the sector and BP specifically.’
The British firm delivered the worst of a poor set of quarterly results among top
oil companies, slashing £3.8 billion off of the value of U.S. assets and
undershooting expectations with its operating result.
This includes £1.7 billion for the declining value of U.S. refineries and £1.3 billion for
U.S. shale gas assets which are suffering a slump in prices, and for the
suspension of its Liberty project in Alaska.
But one of the biggest blows for the firm has been the additional £540 million it has paid towards the costs of dealing with the 2010 oil disaster The company is also struggling with a row with its Russian partners.
The additional charge for the second quarter brings the total bill for the fatal Deepwater Horizon incident to £24 billion
Investors
are hoping for a deal with U.S. authorities before the U.S. elections,
but BP warned there was still ‘significant uncertainty’ with regard to
its potential obligations there.
The Deepwater Horizon oil rig is seen burning in the Gulf of Mexico in 2010
BP shares were down four per cent at 426.45 pence late this morning in London.
Today, BP’s chief financial officer
Ben Gilvary said the firm was not worried by its returns and would
continue to invest in oil trading despite the losses.
He said: ‘We made a small loss in the first quarter, and we were just below break-even in the second quarter.
‘Long-term, we continue to like oil trading as an investment,’ he said.
‘There is nothing in the underlying (picture) that gives us any cause for concern. We continue to invest in that space.’
Gilvary did say the company’s overall results had suffered from sharp falls in international oil prices.
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How can a profit of £238m be a loss for the first half the year. Please explain?
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Well they shouldn’t have been so greedy and did what they did with no plan B, serves them right.
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Creative accounting at its best… There’s no way a company like that is losing that much money
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Baloney – they pull this stunt all the time. What they DON’T tell you is that they made 8 BILLION, but because they predicted they would make 10 billion, it’s considered a loss because they were 1.4 billion short of their goal.
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So they only made a quarter of a billion profit in just one quarter. My heart bleeds.
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