BP adds nearly $8 billion more to spill estimates

With Joe “I apologize” Barton on the comeback trail, how long before the numbers are revised downward? Reuters:

BP lifted its estimate of the likely cost of its Gulf of Mexico oil spill by $7.7 billion to $39.9 billion on Tuesday, pushing its profits down sharply in spite of higher oil and gas prices.

BP [BP-LN 430.80 6.80 (+1.6%)], the world’s biggest non-government controlled oil company by production last year, said delays in capping its blown out well prompted the increased charge for ending the leak, cleaning up the damage and compensating those affected.

An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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