BP’s Profit Falls Due to Oil Spill at Gulf of Mexico

.

BP’s Profit Falls Due to Oil Spill at Gulf of Mexico

As per a Reuters poll, BP’s Gulf of Mexico oil spill affected its profits and its production in the third quarter.

The third-quarter replacement cost profit for BP went down by 2% to $4.60 billion in spite of a 12% increase in the prices of crude oil, 29% rise in natural gas prices in the United States, and two times increase in the U. K. gas prices.

The poll found that the forecast for the Exxon Mobil was a 53% hike in net income to $7.26 billion, whereas the U. S. rival Chevron's net income was projected a 15% rise to $4.41 billion.

Replacement cost and CCS earnings do not include unrealized gains or charges that are related to changes in inventory values.

Industry experts at UBS said, “The focus will be on the ongoing implications of the Macondo disaster but it will be very important to see that underlying operating and financial performance remains competitive”.

Scientists on the other hand are trying to find out the effect of the April 20 oil spill on the delicate coral habitats of the northern Gulf.

The Federal Government says the Gulf does not have any oil now, but some studies indicate the presence of the oil on the sea floor, which could adversely affect the reproduction of these animals.


Latest News

Google Misses Q4 Analysts’ Expectations
Is Greece Leaving the Euro? The Question Still Remains
Taking Recommendations from Report, Uber will Implement Steps to Improve privacy
Shake Shack’s IPO Brings Danny Meyer $342M on the First Day of Trading
Depending on Regulatory Approvals, Ferrari CEO Expects to Conclude IPO, Spin- of
Facebook’s Revenues Surpass Expectations
Fed Has Bright View of a Strengthening U.S Economy But Will be ‘Patient’ with In
Don Thompson  to Retire From the Post of  McDonald’s chief executive
Consumers Confidence Grows but Businesses are Worried
CEO says The Present Year is one of Transition for AT&T Inc.
The Federal Reserve Meets for two Days: Likely to Stick to Initial Plans of Incr
New Areas to be Opened Off the East Coast for Oil Exploration