Asia Bizz: BP Adds $8 Billion To Its Oil Spill Estimate
The worlds biggest non-government oil company, BP (British Petroleum) has added another $8 billion to its oil spill estimate, making the total figure rise to $40 billion. Profits for the third quarter were down for another consecutive month, but there are hopes stating that with higher refining margins and low tax rates, it will be gaining some stronghold on the financial position of the company.
If the oil spill costs and the one-offs were to be deducted from the financial sheets, there was a positive rise by 18%, totaling to $5.53 billion. Tax rates too were brought down to 25% from last year’s 29%, which the company hopes would provide some positive effects in the profit earnings in the near future.
According to a business analyst, he stated “I think with regards to BP, a lot of the uncertainty is out of the way, and it is slowly but surely getting back to business,”. BP was hammered financially after the oil spill broke out in the month of April, but still the company states it is looking strong enough, and will have some positive results by next year.