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January, 18, 2017

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BP profit plummets by 79 percent in Q4 due to Gulf of Mexico settlement

LONDON -- Oil and gas giant BP says its profit fell nearly 80 percent in the fourth quarter, dragged down by payouts related to the Gulf of Mexico oil spill.

BP said Tuesday that net profit fell to US$1.62 billion in the quarter ending on Dec. 31, down from US$7.69 billion in the same period the year before. BP took a loss of US$3.85 billion for its settlement of all federal criminal charges with the U.S. government.









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