BP reports $4.9bn annual loss after oil spill costs

[eppur_se_muova]

Source: BBC

BP has reported a loss of $4.9bn (£3.1bn) for 2010, its first annual loss since 1992.

The company said the replacement cost loss reflected a sum of $40.9bn set aside for charges relating to the giant oil spill in the Gulf of Mexico.

The loss compares with a profit of $13.9bn that BP had recorded in 2009.

The company's chief executive, Robert Dudley, said BP would restore its dividend payment to shareholders, paying seven cents a share.



Read more: http://www.bbc.co.uk/news/business-12331804

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So ... there's $40bn waiting to be handed over ??

[dixiegrrrrl]

1. 40 bn. accounting tricks.

They have paid very little in actual claims, but have paid Fienberg HUGE sums a month to not pay out claims.
People down here are soooo pissed, and local newspaper covers BP failure to "make things good".

[zbdent]

2. they put the $40 B aside to

be prepared for lawsuits ...

And, by the way, whatever happened to all those happy, "touchy-feely" commercials saying "Hey, we're all local owners employing local people ... we're not the Big Corporation!" ... you remember, the media blitz ...

[dixiegrrrrl]

4. Media blitz continues in the Gulf area, btw.

BP gave 500 grand to state of Ala so it could PR tourist related stuff.
Other pots of money went to Fla/Pensacola.
La and Miss not so much.

[Shadowflash]

3. I wonder

What that number would have been had they actually cleaned it up?

[ixion]

5. They're lucky they're still in business at all

if there were any real justice, they would have been shut down months ago.