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BP says it suffered a loss of nearly 17 billion U.S. dollars in the second quarter, due to the Gulf of Mexico oil spill.
The group is set to sell 30 billion U.S. dollars of assets over the next 18 months. Analysts say that will leave the company with a smaller but higher quality exploration and production business. The company earned more than 3 billion U.S. dollars, or more than 1 U.S. dollar per share in the second quarter last year.
Howard Wheeldon, Senior Strategist said "Well, it’s the worst set of quarterly results from any British company at any time in the history of markets, I think. So that says it all. A 32-billion-dollar provision in one quarter for the Gulf of Mexico incident. On top of that, the general performance of BP has been pretty weak."
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