BP returns to profit in Q3 despite Gulf fiasco
By Jane Wardell and Robert Barr |
November 3, 2010, Wednesday
|
Print Edition
Print Edition
BP Plc returned to profit in the third quarter but said it doesn't plan to rush back into the Gulf of Mexico as it raised the likely cost of the devastating oil spill there by US$7.7 billion to US$40 billion.
The London-based company yesterday said increased charge dragged down third-quarter net income by more than 60 percent to US$1.79 billion from a year-earlier profit of US$5.3 billion. But underlying replacement cost profit - a key industry benchmark - was US$5.5 billion, an 18 percent rise from a year earlier and above the US$4.6 billion forecast by analysts.
All the other major oil companies, except Chevron, have seen stronger third-quarter profits thanks to higher oil and gas prices.
"What I can report today is that BP is now in recovery mode," CEO Bob Dudley, presiding over his first quarterly results since taking over from Tony Hayward a month ago, told reporters in London.
"Putting aside the incident ... the BP group as a whole delivered a strong business performance throughout the quarter in terms of both financial and safety performance," he added.
The London-based company yesterday said increased charge dragged down third-quarter net income by more than 60 percent to US$1.79 billion from a year-earlier profit of US$5.3 billion. But underlying replacement cost profit - a key industry benchmark - was US$5.5 billion, an 18 percent rise from a year earlier and above the US$4.6 billion forecast by analysts.
All the other major oil companies, except Chevron, have seen stronger third-quarter profits thanks to higher oil and gas prices.
"What I can report today is that BP is now in recovery mode," CEO Bob Dudley, presiding over his first quarterly results since taking over from Tony Hayward a month ago, told reporters in London.
"Putting aside the incident ... the BP group as a whole delivered a strong business performance throughout the quarter in terms of both financial and safety performance," he added.
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