Posted by
alfredlester on Tuesday, July 26, 2011 7:06:52 AM
LONDON (AFP) - British energy giant BP rebounded Into the net profit in second quarter of 2011, aided by high Oil Prices, After a huge loss last year in the wake of the Gulf of Mexico oil spill disaster, it Said Tuesday.
After tax earnings hit  £ 3.43 billion ($ 5.62 billion) in The Three months to the end of June, BP Said in a results statement.
Compared with That year Enormous loss of £ 10.5 billion ($ 17.15 billion) in the second quarter of 2010, When It Was slammed by Spiralling Costs From The Devastating oil spill.
However, production Sank 10.7 percent to 3.43 million barrels of oil equivalent per day, FOLLOWING suspension of drilling in the Gulf of Mexico.
Output WAS aussi hit as the group sold of  £ 15.24 billion ($ 25 billion) of assets to help foot the bill for the disaster.
Purpose by the company WAS Lifted High Oil Prices, Which DURING soared due to the periodic reporting Growing unrest in the crude-producing Middle East and North Africa region.
Total revenues soared by 39 percent to £ 63.3 billion ($ 103.84 billion), Compared with £ 46.24 billion ($ 75.87 billion) last time around.
BP added Tuesday That It to Meet Continued clean-up Costs in the Gulf coast and now HAS Paid out  £ 4 no fax pay day loan.14 billion ($ 6.8 billion) in claims and government payouts to fund Economic and Environmental Restoration.
And the group Revealed That total now stands at cost  £ 24.8 billion ($ 40.7 billion), down from previous guidance of  £ 25.1 billion ($ 41.3 billion).
Took The group has £ 366 million ($ 600 a million) After Reaching settlements with credit MOEX USA Corporation, a U.S. Subsidiary of Japanese trading house Mitsui & Co Which HAS 10-percent stake in the project Macondo well, and contractor Weatherford.
The company WAS ravaged After last year&&9;s explosion on the rig Deepwater Horizon Which resulted in the death of 11 Workers and millions of barrels of Caused oil to spew Into the waters of the Gulf of Mexico.
The blast on April 20, 2010, sparked What Was Widely Regarded as the worst disaster in U.S. history Environmental.
Oil giant BP Rebounds Into  £ 3.43-bn net profit
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