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

Rent Guidelines Board Could Freeze One-Year Stabilized Leases for New York City
Ending a Long Time Rivalry Tampa Bay Times Acquires Tampa Tribune with an Undisc
Sprint Corp Once Again Post Losses in the Fiscal Fourth Quarter; CEO Promises So
Google Partner with Fiat Chrysler to make Self-driving Minivan Big Enough for a
Somali refugee sets herself on fire at Australian immigration camp on Nauru
Former FBI agents stole $136,000 for personal use
Arlington Agrees to Sell Itself to Oracle for $532 Million
Puerto Rico Misses Bond Payments, Expects Help from Congress to Rescue it From t
Greenlight Capital Invest in Yelp and Natural Gas; Exits Greek Banks and Delta L
Colorado’s Supreme Court Strikes Down Prohibitions on Hydraulic Fracking by the
To mark five years of operation to capture Osama, CIA tweets details