BP pays high price for blowout
bp reported a 2 per cent drop in first-quarter profit, falling short of analysts’ forecasts as the effects of the Gulf of Mexico oil spill frustrated Chief Executive Bob Dudley’s attempts to turn the company around.
Lower production and higher charges due to the oil spill outweighed the benefits of a 38 per cent jump in the price of oil and a tripling of refining margins – factors expected to generate bumper earnings across the oil sector. London-based BP was forced to sell oil fields to pay for the spill, reducing production.