BP Says Deepwater Horizon Spill Has Cost It $40B

Law360, New York (November 02, 2010, 2:00 PM ET) -- BP PLC announced its third-quarter results Tuesday, saying the company has returned to profitability despite updating its estimated costs from the Deepwater Horizon oil spill to nearly $40 billion.

On Tuesday, the oil giant revealed that it posted a profit of $1.78 billion in the third quarter, compared to a $17 billion loss in the second quarter.

In the third quarter, the company spent $7.7 billion on the Gulf of Mexico spill, after spending a staggering $32.2 billion in the second quarter.

The second-quarter costs turned...
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