BP held back by Gulf oil-spill costs as rivals emerge from slump
It is 6 to 12 months behind companies such as Total SA despite painful cost cuts. BP has to pay US$5.5b this year in spill liabilities and about US$2b in 2018
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London
BIG Oil's profits are surging again, but shareholders in BP Plc have to wait a little longer for liftoff.
BP's deep cost cuts helped it almost triple profit last quarter, yet investors aren't seeing comparable growth in cash flow as the Gulf of Mexico oil spill continues to gobble up funds. That's hampering competition with rivals such as Total SA as they emerge from the oil slump, according to Banco Santander SA.
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