BP profits slump, as cheaper oil & spill settlement weigh

‘Energy major BP on Tuesday reported an almost 64 percent drop in its second-quarter profit adjusted for one-time items and inventory changes, to $1.3 billion yoy. This was due to low crude prices and an $18.7 billion charge related to the 2010 oil spill.

The net result, which included a charge for liabilities related to the 2010 Gulf of Mexico oil spill, was a $6.3 billion loss.

“The result reflects the impact of continued low oil and gas prices, a reduced contribution from Rosneft, and one-off charges arising from circumstances in Libya, but also continuing strong earnings from BP’s downstream businesses and lower cash costs throughout the Group,” according to BP’s news release, issued Tuesday.’

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