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Monday, April 29, 2013


BP profits set to fall as it sells assets to pay Gulf of Mexico oil spill compensation

The ongoing fallout from the Gulf of Mexico disaster will overshadow BP’s first-quarter results this week, with profits down sharply. 

 The explosion on the Deepwater Horizon rig three years ago this month cost 11 lives and a potential $90 billion (£60 billion) for BP, which is embroiled in a court case in New Orleans over the disaster. Under chief executive Bob Dudley, BP has sold more than $38 billion of assets to raise funds for the compensation payout while concentrating on its core operations of drilling for and selling oil.[This is Money]

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