28th Jul 2015 06:17
LONDON (Alliance News) - BP PLC Tuesday said it swung to a loss in the first half of 2015 after revenue fell and it booked expected charges related to its long-awaited settlement over the 2010 Deepwater Horizon oil spill in the Gulf of Mexico.
The FTSE 100 oil and gas giant reported a replacement cost loss of USD4.16 billion in the first half of 2015, swinging from a USD6.65 billion profit a year earlier, caused by a fall in revenue and the recently announced agreements in principle to settle US federal, state and the vast majority of local government claims arising from the 2010 Deepwater Horizon accident.
The company booked a pretax charge of USD9.80 billion related to the settlement, slightly below the USD10.0 billion expected by analysts. The total cumulative pre-tax charge for the accident is now USD54.6 billion.
Revenue in the first half totalled USD114.84 billion, falling from USD185.67 billion a year earlier whilst BP's pretax loss for the half was USD6.33 billion after swinging from a USD10.4 billion profit.
BP said it will pay a quarterly dividend of 10.0 cents per share for the second quarter of 2015.
By Joshua Warner; [email protected]; @JoshAlliance
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