BP posts US$1.4b Q2 loss, draws line under oil spill disaster
LONDON: BP faced another net loss in the second quarter but has now drawn a line under the 2010 Gulf of Mexico oil spill disaster, the British energy giant said yesterday.
The company posted a loss after taxation of US$1.4 billion (RM5.69 billion) for the three months to June, which, however, compared with a far larger loss of US$5.8 billion for the second quarter of last year.
BP also booked a net post-tax nonoperating charge of US$2.8 billion for costs linked to the oil disaster. That included a pre-tax non-operating charge of US$5.2 billion.
The energy major had already revealed earlier this month that the final cost for the spill stood at US$61.6 billion, including the latest second-quarter hit.
BP added that this year’s capital expenditure was now expected to fall below US$17 billion.
“We are very pleased to have finally drawn a line under the material liabilities for Deepwater Horizon,” said chief executive Bob Dudley in the results statement.
“We will always be mindful of
BP Plc has revealed that what we have learned from that tragic accident. BP today is a stronger and more disciplined company.
“We continue to actively develop a strong, balanced portfolio and we are managing the business for value over volume”.
Stripping out exceptional costs and changes to the value of oil inventories, BP also reported yesterday a net profit of US$720 million in the second quarter, down 45 per cent from a year earlier on low oil prices.
Market expectations had been for profit of US$819 million according to analysts polled by Bloomberg. AFP