"BP Ups Spill Cost Estimate by $8 Billion as Profits Dive"

"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