Tuesday, 30 April 2013

BP posts loss over last year, but slight uptick over previous quarter

BP posts loss over last year, but slight uptick over previous quarter, Today, BP announced underlying profits of $4.2bn for the first quarter of 2013, during a conference call broadcast for the media, shareholders and the public.

This compares to $3.9bn in the previous quarter, inspiring CEO Bob Dudley to say that, "These strong results demonstrate the progress BP is making."

In the past, the company has been more verbose and boastful about announcing news, especially semi-good news. But that was not when they were fighting for their life at a civil trial in New Orleans, which has wrapped Phase 1 as the judge weighs the evidence presented by BP, the Plaintiffs' Steering Committee and the US Justice Dept. (simply called "the US" at court).

Despite progress over 4th Q. 2012 results, BP's profits are down 9 percent over the same period last year.

These days, BP is drawing significant support from branching out beyond the Gulf of Mexico and American or western European waters. For example, the company has divested 50 percent of its interests in TNK-BP to Rosneft, based in Russia. Net cash BP received from that deal was $12.5 billion.

Should BP be found guilty of "gross negligence" under terms of the Clean Water Act, it'll lose a lot more than it gained from the Rosneft deal.

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