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

Millions of Dressers and Chests Recalled by IKEA  Following Deaths and Injuries
Pepsi to Reintroduce Diet Coke with Aspartame
Volkswagen Agrees to Pay $14.7 Billion as Settlement in the U.S Related to Diese
Hawaii enrols all gun owners into FBI Database for monitoring
Ten people injured at California rally
IMF’s Christine Lagarde Says Impact of Brexit will Depend on What Move Policy Ma
Oil Prices Tumble with British Pound Facing a Fresh Fall
Gang violence kills two people at dance studio in Fort Worth
George Willto leaveRepublican Party because of Trump
DoubleLine Capital Sold Off All its European Equities Holdings following a Huge
Qualcomm Files Complaint against Meizu with Beijing Authorities over Intellectua
Barnes & Noble Broadening its Business Model Venturing into a Beer and Wine Stor