Tag Archives: energy giant

BP Returns to Profit, Estimates Oil Spill at $40 Billion

Energy giant BP announced a return to profit on Tuesday but revealed new shock estimates for the cost of its Gulf of Mexico oil spill, putting the expected bill at close to $40 billion.

The new figure is far higher than expected. BP said it had taken an additional charge of $7.7 billion during the third quarter, bringing the company’s own total estimated clean-up and legal costs to $39.9 billion. (more…)

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