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$BP Turns in Terrible Earnings Results as the Gulf Disaster Still Haunts Them

“LONDON (Reuters) – BP Plc cemented its status as problem child among the world’s top oil companies on Tuesday with unexpectedly weak quarterly results, slashing $5 billion off the value of its U.S. assets and undershooting forecasts at operating level.

The British oil company, struggling under the weight of litigation over the 2010 U.S. Gulf oil spill and a row with its Russian partners, said both oil production and refining margins fell in the second quarter and would fall again in the third.”

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