News Column

BP's Q3 Profits Down Compared With 2011

Oct. 30, 2012

BP on Tuesday reported profits of 4.7 billion dollars for the third quarter of 2012, down from 5.2 billion dollars in the same quarter last year.

Despite the slide in replacement cost profit, which strips out the effect of oil price movements, the company was "on track" with its 2014 strategy, chief executive Bob Dudley said.

BP had shown "strong progress" and was raising its quarterly dividend by 12.5 per cent.

The company said it would make a final payment of 860 million dollars into the 20-billion-dollar compensation fund for victims of the 2010 Gulf of Mexico oil spill by the end of the year.

Dudley said he was confident that BP was "entering a new era" as it tried to put the turmoil of the last few years behind it.

It would continues to settle the civil and criminal claims in the United States resulting from the spill.

However, unresolved issues remained, said the company, not ruling out legal proceedings over claims in the United States.

"BP has repeatedly said that it is willing to settle on reasonable terms but otherwise continues to prepare vigorously for the start of trial," said the statement.

BP earlier this month signed a major deal with Russian state-backed company Rosneft over the sale of its 50-per-cent share in former joint venture TNK-BP.

Source: Copyright 2012 dpa Deutsche Presse-Agentur GmbH

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