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BP takes bigger hit on 2010 spill

July 30, 2013 at 7:52 AM   |   Comments

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LONDON, July 30 (UPI) -- BP said in its second quarter earnings report Tuesday it expected to pay more than anticipated for the Gulf of Mexico oil spill in 2010.

BP said in its earnings report for Tuesday the "total cumulative net charge to BP's accounts [from the 2010 spill] was increased by $0.2 billion to $42.4 billion at the end of the quarter, reflecting an increase in provision for litigation."

BP said its profits for the second quarter of 2013 declined to $2.7 billion from the $3.6 billion reported the previous year.

Chief Executive Officer Bob Dudley struck an upbeat tone despite the performance. The company said lower oil prices during the first part of the year were in part to blame for the slump.

BP said it was unsure when a New Orleans judge assessing blame for the deadly 2010 incident would issue a ruling. The first phase of a trial, which included BP, Transocean and Halliburton, ended in April. The second phase is scheduled for September.

The U.S. Justice Department said last week oil services provider Halliburton will plead guilty to deleting evidence possibly linking it further to the events leading to the disaster. Halliburton said it was a misdemeanor charge.

BP said its "primary focus" was on safe and reliable operations. It said its safety metrics improved during the first half of the year.

Topics: Bob Dudley
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