"BP lifted its estimate of the likely cost of its Gulf of Mexico oil spill to $40 billion on Tuesday, denting profits, but its underlying performance beat all expectations on higher refining margins and a lower tax rate.
BP, the world's biggest non-government controlled oil company by production last year, said delays in capping its blown-out well prompted the increased charge for ending the leak, cleaning up the damage and compensating those affected.
The charge, up by $7.7 billion, pushed third-quarter replacement cost profit, which strips out unrealized gains or losses related to changes in the value of fuel inventories, down 63 percent to $1.8 billion."
Reuters had the story November 2, 2010.
Source: Reuters, 11/02/2010
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