March 26, 2017

BP Posts 3rd Quarter Profit

After a 2nd quarter debt exceeding $17 billion, BP has returned from the red with a profit of $1.8 billion in the 3rd quarter, according to BP’s 3rd quarter report [.pdf] released today. However, BP has lost about $9.3 billion in the first 9 months of 2010 and is likely to finish the year in the red. In the 2nd quarter, BP estimated the cost of the oil spill to be $32.2 billion, but the most recent report raises the estimate to $39.9 billion. The diagram below shows BP’s 3rd quarter results.

BP was able to break a profit in the 3rd quarter.

Meanwhile, investigations of both the causes and effects of the BP oil spill remain underway. The President’s oil commission, which an Executive Order established in late May, released a document last week detailing an inadequate cement mixture used in the construction of the well. While this investigation continues and is not yet conclusive, a weak cement mixture would lay blame to each business partner, BP, Halliburton, and Transocean. Keep in mind that Halliburton built the well, Transocean owned the failed blowout preventer, and BP operated the well.

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