BP Posts Loss of $2.25 Billion
July 26 2016 - 3:30AM
Dow Jones News
LONDON—BP PLC reported a second-quarter loss because of a
multibillion-dollar charge relating to its 2010 Gulf of Mexico rig
blowout and oil spill.
The British energy giant said Monday that its replacement cost
loss—a number analogous to the net income that U.S. oil companies
report—totaled $2.25 billion, compared with a loss of $6.27 billion
a year earlier. The company took a pretax nonoperating charge of
$5.2 billion in the quarter associated with Deepwater Horizon
liabilities.
Stripping out one-off items such as proceeds from sales and
impairment charges, the company's underlying earnings of $720
million underperformed analysts' consensus of $839 million.
"We are very pleased to have finally drawn a line under the
material liabilities for Deepwater Horizon," said Chief Executive
Bob Dudley.
In the same period a year earlier, BP's earnings included a $9.8
billion charge relating to the company's agreement to settle U.S.
federal and state claims over the 2010 Deepwater Horizon
disaster.
Write to Selina Williams at selina.williams@wsj.com
(END) Dow Jones Newswires
July 26, 2016 03:15 ET (07:15 GMT)
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