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BP Means Big Profits

By Brad Johnson on October 25, 2011 at 12:30 pm

"BP Means Big Profits"

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Oil disaster giant BP reported Tuesday that “third-quarter profits more than doubled thanks to higher oil prices, with the chief executive saying the results marked a turnaround from the disastrous Gulf of Mexico oil spill.” BP had a net profit of $4.9 billion, up from $1.8 billion in 2010. With oil prices at $122 a barrel instead of $77 last year, BP’s revenue rose 31 percent to $97.6 billion. “Our operations are regaining momentum and we are facing the future with great confidence,” said Chief Executive Bob Dudley, who took over from the disgraced Tony Hayward.

Update

Meanwhile, whales and dolphins are dying at twice their normal rate in the northern Gulf of Mexico, NOAA reports. The most heavily oiled shoreline from the BP disaster corresponds with the most dead and stranded whales and dolphins.

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