BP Reports Revenue And Profit Decreases
Originally published at www.seclive.com
UK oil giant BP (BP) reported quarterly revenue and profit decreases in its financial results announcement for the second quarter of fiscal 2013. BP reported revenue of $94.71B, a slight decrease from $94.98B a year ago this quarter. Profits for the year decreased 24% to $2.71B, coming in well below analyst expectations of $3.40B. The company attributes its profit decreases to lower oil prices, higher taxes, and a decrease in income from its Russia operations. BP continues to face challenges, both in its finances and public image, related to the 2010 Deepwater Horizon oil spill, and has increased its estimated cost of the claims-settlement process by $1.4B to $9.6B. Additionally, the estimated total sum of money the company has set aside to pay costs related to the spill increased $200M to $42.4B.
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