BP (NYSE: BP) has announced that the costs related to its oil spill in the Gulf of Mexico are on the cusp of reaching US$40 billion.
Through the end of the third quarter, the company says the costs of spill caused by the blown out oil pipe on its Macando deepwater oil well were US39.9 billion.
Despite the financial burden of handling the worst maritime oil spill in American history, BP was still capable of turning a US$1.79 billion profit in the third quarter.
The British-based oil giant is still under several U.S. investigations regarding the April 20th explosion of the Deepwater Horizon oil rig and the ensuing five month oil leak. The company expects these investigations to continue into 2011.
The drilling disaster has not eroded BP's confidence in deepwater drilling. The company has stated it is ready to resume drilling operations in the Gulf. Bob Dudley, BP's Chief Operating Officer added that the company is moving forward, "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.
Read the full story at Oil & Gas Journal: BP oil spill costs reach nearly $40 billion
Image Credit: Sean Gardner/Greenpeace USA
Nathanael Baker is the Managing Editor of EnergyBoom. He has researched and reported on the issues of renewable energy, sustainability, and climate change for over two years. He has provided research to the New York Times and The Economist, as well as being published on different media outlets including, The Energy Collective.
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