BP held back by Gulf oil-spill costs as rivals emerge from slump

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.

"BP is in effect six to 12 months behind companies like Total in benefiting directly from its focus o…