BP sees $5.3bn profits as Deepwater impact fades

Jul 26, 2011

Business digest: Oil company posts second quarter profits as Arab unrest inflates oil prices

BP made a profit of $5.3bn in the second quarter of this year due largely to inflated oil prices, despite oil production being down 11 per cent on the same period in 2010.

The oil company experienced losses of around $17bn in last year's second quarter following the explosion in April 2010 at its Deepwater Horizon rig.

BP has so far been forced to pay out $6.8bn in damages and sell $25bn in assets. It is also suing two companies for their part in the environmental disaster.

But profits in the first quarter of this year were around $5.5bn, as the war in Libya and political unrest elsewhere in the Middle East pushed up oil prices.

Read a full report at BBC News.

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