BP bemoans "disappointing" second-quarter profit of $5.6 billion

[Bluebear]

OIL giant BP promised investors higher returns in years to come as it unveiled disappointing second-quarter profits yesterday.

It reported underlying earnings of $5.6 billion (£3.5bn) in the three months to the end of June, compared to $6bn expected by analysts as the effects of the Deepwater Horizon disaster in the Gulf of Mexico continued to depress output. Profits were still up on underlying levels a year ago thanks to a higher average oil price.

Chief executive Bob Dudley said the company was making "rapid progress" in its recovery from last year's disaster, but the process was having "the expected near-term impact on our volumes and costs".

He added: "We expect the momentum of our recovery to build into 2012 and 2013 as new projects come on stream, particularly in higher-margin areas; as we complete current turnaround activity; as we return to work in the Gulf of Mexico; and as uncertainties reduce."

http://thescotsman.scotsman.com/business/39Jam-tomorrow39-is-BP39s-promise.6808118.jp

[McCamy Taylor]

1. Is there a "shoot myself in the head" icon? To express how I feel about this news.

Guess I'll have to use this one instead.

:nopity:

[Mimosa]

2. Have there been any BP SPILL: ONE YEAR Later Specials on CNN or MSNBC?

I haven't heard of any. I wonder why... ;)

OMG! *This topic is being un-recced already.* WHY? It is a real ENVIRONMENT topic. We need to know about the health of the Gulf of Mexico and if the seafood is safe to eat. How is the fishing industry and the people doing? It was claimed they'd be 'made whole'.