UK energy major BP has announced costs related to the Gulf of Mexico oil spill have reached $39.9 billion (28.4 billion) through the end of Q3.
Despite a Q3 pre-tax charge of $7.7 billion related to the spill, BPs financial results showed a Q3 profit of $1.79 billion, which was well below its $5.2 billion profit for Q3 2009.
These results demonstrate that BP is well on track for recovery after the tragic accident on the Deepwater Horizon drilling rig and subsequent oil spill, Bob Dudley, BP CEO, comments. This strong operating performance shows the determination of everyone at BP to move the company forward and rebuild confidence after the terrible events of the past six months.
The $7.7 billion pre-tax charge followed a Q2 spill-related charge of $32.2 billion. A relief well permanently sealed the Macondo well on 19 September following an 20 April blowout that resulted in a fire and explosion on Transocean Deepwater Horizon semisubmersible, killing 11 people. A sealing cap installed on 15 July stopped oil and gas from leaking into the gulf.
Source: Oil & Gas Journal