BP slips up; Business Digest.Oil giant BP revealed a dip in profits today as its commitment to sell off billions of pounds of assets in the wake of the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of MexicoGolfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east disaster hit production. The group reported underlying replacement cost profits of $4.8billion (pounds 2.95 billion) in the first quarter, compared with $4.98billion (pounds 3.06 billion) in the previous quarter and expectations of $5billion (pounds 3.07 billion). The group reported a 6% decline in oil and gas production to 2.45 million barrels of oil a day as its programme of asset disposals since 2010 hit $23billion (pounds 14.2 billion). BP sold businesses in the US, Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of and the North Sea in the period. BP said the total charge taken to cover the impact of the fatal Deepwater Horizon Deepwater Horizon is a 5th generation, dynamic positioned (DP), Semi-submerisble oil rig owned by Transocean. History Designed originally for R&B Falcon, she was completed in 2001 by Hyundai Heavy Industries in Ulsan, South Korea, after their merger with Transocean. explosion in April 2010 remained at 37.2 billion US dollars (pounds 22.9 billion) in the period. |
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