Skip to main content

BP posts third-quarter profit

By the CNN Wire Staff
BP is back to proft after the Gulf of Mexico disaster.
BP is back to proft after the Gulf of Mexico disaster.
STORY HIGHLIGHTS
  • BP made $1.8 billion in the third quarter of 2010
  • It lost $17 billion in the previous quarter
  • The loss had been due to the Gulf of Mexico oil disaster

London, England (CNN) -- BP has returned to profit in the third quarter, following a major loss due to the Gulf of Mexico oil disaster, the company announced Tuesday.

The company made a profit of $1.8 billion in the third quarter, compared with a loss of $17 billion in the previous quarter, BP said.

BP made a profit of $5 billion in the third quarter of 2009.

"These results demonstrate that BP is well on track for recovery after the tragic accident on the Deepwater Horizon drilling rig and subsequent oil spill," Chief Executive Bob Dudley said in a statement.

What a difference three months makes

"We have made good progress during the quarter. 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 rig, leased by BP, exploded in the Gulf of Mexico on April 20, killing 11 workers and causing the worst oil spill in U.S. history. An estimated 4.9 million barrels (206 million gallons) of oil gushed into the Gulf before the broken well, 5,000 feet below the surface, was capped in September.

The results are the company's first since Dudley took over from former Chief Executive Tony Hayward, who stepped down amid outrage at the disaster.

BP is the world's largest oil company in terms of production.