Friday, 12 November 2010

Following the Gulf of Mexico crisis, BP is finally out of the red

The oil giant recorded a massive loss of nearly £11bn in their report of the last quarter after the monumental costs of the oil spill disaster.

After writing off over £20bn of the charges from the crisis in July, BP has reported they are back in profit after making revenues of £1.1bn this quarter.

The newest figures comes after a £4.8bn charge to the oil spill fund, proving revenue for the firm would have been higher still. 

Although a positive step for BP, it is still disappointing when compared with the £3.13bn profit the company saw in the same period for 2009.

Chief Executive, Bob Dudley said the results showed “good progress” for the giant adding: “This strong operating performance shows the determination of everyone at BP to move the company forward and rebuild confidence after the terrible events of the past six months.”

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