Tuesday, November 02, 2010
BP Returns To Profitablity
BP's $1.85 billion third-quarter profit compares with a $5bn profit for the same period in 2009. BP's return to the black shows quite how strong and profitable it is.
BP has benefited from a higher oil price, which boosted earnings in its giant exploration and production division by more than $2 billion, offsetting a fall in the amount of oil produced. That division is being broken up, as part of comprehensive efforts to rehabilitate this battered business. BP is selling off up to $30 billion of assets by the end of the year, to cover those huge oil spill costs. (BBC News, 11/2/2010)