BP profit falls as oil spill costs still weigh
Oil producer BP Plc reported a bigger-than-expected 13 percent drop in underlying quarterly profit, as production fell after the group was forced to sell fields to pay for the Gulf of Mexico disaster , offsetting an increase in crude prices. BP said on Tuesday output would continue to decline in the second quarter as it unveiled plans to sell a number of mature fields in the Gulf. A spokesman denied the company was making a more general pullback from the region, saying the disposals reflected a new strategy of churning assets more quickly and focusing on larger, younger projects. The London-based group also said it would have to spend more than earlier expected to clean up America's worst-ever offshore oil spill , although this was offset by a drop in the expected cost of paying out claims after the company agreed a settlement with impacted individuals and businesses. BP shares traded 2.7 pe...
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