B.P. reports earnings
British Petroluem is reporting earnings a little lower than expected for the quarter, even as costs from last year’s Gulf of Mexico oil spill diminish.
The oil company is posting a net profit of $5.6 billion for the three months ending June 30th, compared with a loss of $17 billion a year ago.
Last year’s earnings were hit by a $32 billion charge for responding to the Gulf of Mexico crisis.
The fallout from the disaster continues to weigh on BP’s oil production, which is down 11% from pre-spill levels.
