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

United’s New CEO Oscar Muñoz Aims at Improving relation with Workers
The September Job Number Hint at a Sluggish Patch
First Data Launches its IPO, Targets to Raise Up to $3.7 Billion
ConAgra’s Head Quarter Move Announcement gets Positive but ‘Muted’
Dunkin’ Donut Franchisee Plans to Close One Hundred Stores
Mr. Munoz New CEO of United Airline says Things will Improve under his Leadershi
Reportedly Walmart is Planning to Trim Hundreds of Jobs at its Bentonville
The Government Looking Deeper into Safety Issues; Transportation Secretary
Data Shows Rise in Local Home Prices Slow Down but Surpass the U.S. Average
Oil Futures Drop as U.S. Inventories Show Build-up Surpassing Analysts
Gap’s, Old Navy Head, to Become the new CEO of Ralph Lauren Corp.
Majority of UAW Workers at Warren Truck and Mack Engine Plant Vote in Favor