BP records profit of 5.3 billion dollars for second quarter of 2011

BP has made a second quarter profit of US$ 5.3 billion, compared with a loss of US$ 17 billion a year ago. For the half year, replacement cost profit was US$ 10.8 billion, compared with a loss of US$ 11.3 billion a year ago.

Oil production is down for this period n the same time last year by 11% but with all the supply side problems which have arisen due to the ongoing unrest in the Middle east, the oil price has risen, offsetting the effect of lower production.

Including the impact of the Gulf of Mexico oil spill, net cash provided by operating activities for the quarter and half year was US$ 7.8 billion and US$ 10.3 billion, compared with US$ 6.8 billion and US$ 14.4 billion in the same periods of last year.

BP has also sold US$ 25 billion worth of assets to help pay for the Gulf clean up operation and to focus its operations on it score business, oil and gas exploration.

So far BP has paid out US$ 6.8 billion in damages. The company has finished the majority of its planned clean up operations along the Gulf Coast, and is now pursuing its partners in the Macondo oil well for contributions to help pay for the costs and damages paid out.

Read the article online at: https://www.oilfieldtechnology.com/exploration/26072011/bp_records_profit_of_5-3_billion_for_second_quarter_of_2011/