BP have announced massive profits a year after the Deepwater Horizon oil spill. The company announced a $5.3 billion profit in the second quarter of this year, compared to the near $17 billion loss from the year before.
The oil giant said that it expects future cash flows generated by its worldwide operations to grow faster than output. They say growth is expected in both its upstream and downstream businesses.
Group Chief Executive Bob Dudley said: “BP is making rapid progress against our priorities. In February we said we expected 2011 to be a year of consolidation as we reset the focus of the company. This is going well, while it is having the expected near-term impact on our volumes and costs.”
The profit of $5.6 billion for the second quarter of 2011 is an increase of 13% on the result for the same period last year.
Mr Dudley said: “We expect the momentum of our recovery to build into 2012 and 2013 as new projects come on stream, particularly in higher-margin areas; as we complete current turnaround activity; as we return to work in the Gulf of Mexico; and as uncertainties reduce. At the same time we will increasingly focus both our portfolio and our investments on long-term value growth,” said Dudley.