Stay Connected

BP reports $32 billion charge related to oil spill in gulf

08/02/2010
By Paula Dittrick
BP PLC announced a pretax charge of $32.2 billion for the Gulf of Mexico oil spill, including a previously announced $20 billion escrow compensation fund. In second-quarter results, BP reported $2.9 billion of spill costs so far and estimated $29.3 billion in future costs.BP also plans to sell assets, primarily upstream properties, for which it expects to receive as much as $30 billion during the next 18 months in a strategic move toward a smaller exploration and production business.The company plans to reduce its net debt level down to $10-15 billion within 18 months compared with $23 billion net debt on June 30. BP expects group capital spending for 2010 and 2011 of $18 billion/year.&qu...
read-story

Why Register?

Non-subscribers can only view whitepapers by providing name, home and email address, phone number and other information and comment on/rate articles.

Why Subscribe?

Oil & Gas Journal subscribers with login credentials can access these premium features of OGJ Online:

  • Current Issue – an html version of the current week's issue of Oil & Gas Journal.
  • Past Issues – An Electronic OGJ Archive. A keyword-searchable archive of all issues of Oil & Gas Journal dating back to 1990; also searchable by issue date.
  • Market Journal – a weekly round-up of the oil and gas markets, with observations from leading analysts.
  • Editor's Perspective – a short article of insight and opinion by the Editor of Oil & Gas Journal.
  • OGJ Industry Stats – quick access to current industry statistics from Oil & Gas Journal.
  • OGJ Survey Downloads - quick access to exclusive reports from Oil & Gas Journal.

 

Subscriber Help or Subscribe

Oil & Gas Journal Subscribers: Have your subscription number (from the mailing label on the cover of your Oil & Gas Journal) and e-mail address ready to set up your online account through Customer Service Assistant.

If you're not an Oil & Gas Journal subscriber, start a subscription and gain access to the subscriber areas of OGJ Online now.