Oil giant BP has revealed a $1m increase in profits for the third quarter of 2013, compared to the second, but a loss compared to the same period last year.
The firm said it made profits of $3.7 billion (£2.3 billion) between July and September, compared to the $2.7 billion (£1.6 billion) between April and June, with $6.3 billion (£3.9 billion) operating cash flow.
The oil giant’s CEO Bob Dudley said, “In 2011 we set a clear target for operating cash flow in 2014 and we are confident in its delivery.
“The strong operational progress we are now seeing across the group, combined with our focus on disciplined investment, also underpins our confidence in growing long-term sustainable free cash flow and being able to increase shareholder distributions. Today’s announcement is a further demonstration of this.”
The company also said it is planning to divest $10 billion (£6.2 billion) in assets before the end of 2015.
According to the Herald Scotland however, BP registered much greater profits in the same period last year – around $5 billion (£3.1 billion).
Earlier this month, BP won an appeal over the suspension of compensation to businesses affected by the 2010 Deepwater Horizon oil spill in the Gulf of Mexico.
The firm argued that many were “inappropriately” claiming payments without actually being affected by the spill and there were fears that it could even run out of money.
Under the recent court order, BP obtained a review of some fines and the temporary stop to compensation’s claims.
The oil spill resulted in the death of 11 workers, while 5m barrels’ worth of oil was spilled into the Gulf of Mexico. BP was fined £2.8 billion in criminal charges and according to the firm, the “total cumulative net charge to BP’s accounts related to the Gulf of Mexico oil spill now stands at $42.5 billion”.
Like our Facebook Page
Can You Maximize Your Profits While Investing Ethically?
Environmental Benefits of Living in Miami. Why Is It Worth Moving There?
5 Ways To Shift To Green Energy At Home
Advantages of Free-Range Farming for Eco-Friendly Consumers
What is Eco-Friendly Investing and How Can You Embrace It?
Green Software Ideas to Implement with an Offshore Development Team
5 Things Eco-Conscious Consumers Should Know About Private Wells
The True Environmental and Social Costs of Mined Diamonds
20 Incredible Facts Eco-Tourists Should Know About Dubai
5 Massive Benefits of Turning to Renewable Energy
6 Tips For Getting the Most from a Solar-Powered Home
7 Excellent Ways to Live a Greener Lifestyle in 2021
How the Property Industry Is Embracing Eco-Friendliness Across the Board
Sustainability in Construction: Methods to Mitigate Environmental Impacts
New Company is Driving ESG Infrastructure Development in Mining
10 Tips to Turn Your Next Holiday into an Eco-Friendly Celebration
4 Benefits of Commuting with a Bicycle as an Eco-Friendly Consumer
Some Important Facts about Eco-Friendly Glass Railings
Impact Proof of Stake Ethereum Mining on Power Industry Sustainability
7 Business Survival Guidelines All Eco-Friendly Entrepreneurs Must Follow
- Features10 months ago
Eco-Friendly Hacks To Create A Durable Shop For Your Home
- Energy6 months ago
Eco-Friendly Homeowners Lower Carbon Footprints through Greater Air Conditioner Efficiency
- Features5 months ago
Seven Health and Safety Tips for Eco-Friendly Products in a Green Home
- Features10 months ago
5 Simple Ways To Create A Greener And Healthier Home