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

Republican Senator, Ted Cruz to Compete for President’s Post; But Could his Birt
Ruth Porat to be Google’s New CFO
Fresh Competition Force Netflix, Hulu and Amazon to Look for New Technologies an
Cash-strapped Americans turn to Tax Refund Advances
Drone Manufacturers Have an Eye on North Dakota, Testing Ground for Unmanned Air
Tiffany’s Sales Decline due to a Strong Dollar
Bank of New York Mellon will settle Charges of Defrauding Customers for $714
Return Policy for Target’s Owned and Exclusive Brands Extended to One Year
Starbucks “Race Together” Idea Initiated by CEO Gets a Mixed Reaction
Brent Callinicos Uber’s CFO Steps Down to Spend More Time with Family
Even with the Perfect Design, Driverless Cars May Face Rare Circumstances that m
‘Student Aid Bill of Rights’ in Obama’s Memorandum Could Bring About a Meaningfu