BP Reports Second-Quarter Loss as Oil Spill Settlement Takes Toll

Photo BP earned $228 million in the second quarter from oil and gas exploration and production, compared with $4 billion a year earlier. LONDON — The British oil giant BP said on Tuesday that it had lost $5.8 billion in the second quarter, reflecting a huge settlement over the 2010 Gulf of Mexico oil spill .

The roughly 40 percent fall in oil prices since last year is also sharply cutting into profits at BP and at other oil companies. BP had an operating profit from oil and gas exploration and production of $494 million in the second quarter, compared […]