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

Apple releases new app for Apple TV --- ‘iBooks StoryTime’
Al Gore wants to work with Trump to tackle climate change
Martian show home opened at London’s Royal Observatory
Apple officially starts selling refurbished versions of previous iPhones
Google Capital re-branded as ‘CapitalG;’ Snapchat added to its list of investmen
Facebook
White House’s plans for "digital transition" between Obama administration and ne
Microsoft's first desktop computer --- ‘Surface Studio’
Professor writes ‘prank’ physics paper using iOS autocomplete
Twitter plans to shrink its workforce by about 8%
Elon Musk talks about SpaceX’s plans to test ITS’ huge fuel tank at sea
Hackers cut access to some of the world's best known websites on Friday