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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
"BP is in effect six to 12 months behind companies like Total in benefiting directly from its focus on delivering growth." - Jason Kenney, analyst at Santander
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
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