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Oil & Gas

BP Reports Sharp Turnaround in Second Quarter Earnings

July 26, 2011
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BP reported $5.3 billion in second-quarter earnings, marking a sharp turnaround from the staggering loss the oil company reported in the same period last year, according to CNNMoney. The company lost $17.2 billion in the second quarter of 2010 due to costs stemming from the Gulf of Mexico oil disaster. That translates to a more than $22 billion turnaround year over year. Oil prices have risen sharply this year and many oil companies have reported big gains in sales and profits. Looking ahead, BP expects the recovery to continue for the rest of the year and into 2012, with cash flowing in from new and existing operations around the world. BP said it completed the majority of its shoreline clean-up efforts in the second quarter. It said a total of $6.8 billion has been paid out to fund economic and environmental restoration in the Gulf region. Also in the quarter, BP said it made two scheduled contributions totaling $2.5 billion to the trust fund set up last year at the government''s behest to compensate victims of the spill. The fund paid out $1 billion in the second quarter to individuals and businesses, according to BP.

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