BP bounces back into profit despite US$40bn clean up bill

The spill, which affected the Gulf of Mexico in the US and caused a PR and marketing disaster for the firm, knocked the company’s profits in the second quarter of the year, as it recorded a loss of U$17 billion.

However in the latest quarter the oil giant has bounced back, recording profits of US$1.84 billion.
 
The UK-owned company also recorded a profit of US$4.98 billion for the third quarter of last year, so is now seen by analysts to be back on track.

BP was faced with a record loss in the second quarter of the year due to the US$32.2 billion charge for the spill. 

The disaster cost the former chief executive Tony Hayward his job and forced the company to introduce stringent safety regulations, that have now been linked to staff bonuses. 

Bob Dudley, chief executive of BP, said, "These results demonstrate that BP is well on track for recovery. 
 
"This strong operating performance shows the determination of everyone at BP to move the company forward and rebuild confidence after the terrible events of the past six months."

The Deepwater Horizon spill resonated in the marketing and advertising communities with protest groups including Greenpeace releasing ads criticising BP. 

This article was first published on marketingmagazine.co.uk.