Spill Charge Pares BP Profit

News BP takes $10.8 bln pretax charge after $18.7 bln settlement.

BP’s second-quarter profit slumped by nearly two thirds from a year ago as it grappled with lower crude prices and took a huge $10.8 billion charge related to the 2010 Gulf of Mexico oil spill.

In a sign it was hunkering down for an extended period of lower oil prices, the British oil and gas company also cut its planned full-year capital spending again to "below $20 billion", after cutting it 13 percent to $20 billion earlier this year.BP reached an $18.7 billion settlement with the U.S. government and […]