Second Quarter Loss at BP as Oil Spill Settlement Costs Weigh

BP (BP) reports a second quarter loss of $5.8 billion as costs associated with the Gulf of Mexico oil spill settlement take a toll. The 40% drop in oil prices in the past year is also cutting into BP’s profits, like other oil companies. BP executives indicated they would take down capital expenditures for 2015 to below $20 billion due to what they expect to be prolonged low oil prices. BP’s operating profit of $494 million in the second quarter was much less than then $4.7 billion a year earlier. BP shares have lost 5.6% this year and have […]