BP Profit Down on Oil Spill Charges

BP said Tuesday that its profit fell 66 percent in the third quarter after it set aside more money to cover costs related to the Gulf of Mexico oil spill.

The profit was $1.79 billion, down from $5.34 billion in the same period a year earlier. The figure was a marked improvement over the second quarter loss of $17.2 billion, however. BP shares rose 1.6 percent in early trading in London.

BP set aside another $7.7 billion to cover costs resulting from the Gulf of Mexico oil spill in the third quarter. The company said a delay in completing the relief well, decontaminating vessels and legal and administration costs were more expensive than it had anticipated. BP had already set aside $32.2 billion in the second quarter to deal with the spill, the worst in U.S. history.

Read Full Article from New York Times

- Posted: 2010-11-02 10:49:23

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