BP Oil Spill Settlement Results In Big Quarterly Loss (NYSE:BP)

BP reported that the company lost $5.8 billion in the second quarter. The loss compares with a $3.4 billion profit for the same period a year earlier. The 40 percent decline in oil prices over the past year is cutting into the company’s profits. Oil price benchmarks have slid to around $50 a barrel over the last month, a decrease of about 20 percent.

Part of the company’s quarterly loss was due to the $9.8 billion in provisions made by BP on the $18.7 billion oil spill settlement reached on July 2 with United States authorities. The settlement halted legal […]