BP bounces back with net profit of $24 billion

BP bounces back with net profit of $24 billion


BP said that net profits hit $23.9 billion (€18.2 billion) in 2011 following a loss the previous year when the British energy giant was ravaged by US Gulf of Mexico oil spill disaster, RTE Ireland reported.

It suffered a loss of $4.9 billion in 2010 when an explosion on the BP-leased Deepwater Horizon rig killed 11 workers, caused millions of barrels of oil to spew into the sea and left the company with huge compensation costs.

The company signalled a further step in its recovery...


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