Oil spill payments sink BP into the red

British energy giant BP recorded multi-billion dollar losses in the second quarter due to payments linked to the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. Low oil prices also weighed on results.

The loss was "mainly relating to the recently announced agreements in principle to settle claims arising from the 2010 Deepwater Horizon accident," said Bob Dudley, BP’s chief executive.

For the second quarter, BP had set aside $10.8 billion (9.8 billion euros) to cover the cost of the Deepwater Horizon accident, leading to a net loss of $5.82 billion, the London-based company reported. That compared to a […]