BP bleeds red ink on Macondo charges
Dudley to take helm as Hayward steps aside
Embattled UK supermajor BP’s bottom line took a beating from the Macondo disaster in the second quarter, booking a $17.15 billion loss – down from a $4.39 billion profit a year earlier – as it confirmed Tony Hayward is to step down.
Staff & news wires 27 July 2010 06:34 GMT
BP booked a loss of $17.15 billion for the second quarter – down from the previous year’s $4.39 billion profit – as its liabilities for the Macondo spill weighed heavily.
The company said it was taking a pre-tax charge of $32.2 billion related to Macondo disaster. The charge includes the previously-announced $20 billion escrow compensation fund.
The supermajor also said it plans to offset the entire cost of its Gulf of Mexico oil spill against its tax bill, reducing future contributions to US tax coffers by almost $10 billion.
Some things are just priceless!!!
Obama’s extortion of $20 billion from BP (paid over 4 years) will cost the US Treasury $10 billion this year!!!
July 27, 2010
The Next BP Blow Up: A $9.9 Billion Tax Credit
By Michael Corkery
So, the clean-up of BP’s Gulf oil spill may cost U.S. taxpayers after all.
President Obama has insisted BP would bare the entire cost of cleaning up the spill and making the injured business and wildlife whole again. And yet BP said today it plans to claim $9.9 billion in U.S. tax credits based on the $32.2 billion charge it reported related to costs for the Gulf oil spill. That means that $9.9 billion that might have been going into the federal government’s general fund will be used to cut BP’s spill costs by a third.
At issue are tax-code provisions that allow companies to take refunds for losses “We have followed the IRS regulations as they’re currently written,’’ outgoing BP CEO Tony Hayward told investors on a conference call this morning.
Tony Hayward rocks!!!