Belfast Telegraph

BP shares fall as Gulf costs climb

BP's shares have fallen after revealing a further $200m (£122m) charge relating to the Gulf of Mexico oil spill and announcing its fourth-quarter profits had dived 28%.

The $200m charge reflected rises in legal and Gulf Coast restoration costs and brings BP's total bill for the spill so far to $42.7bn (£26bn), although it admits the final amount could be far higher.

Furthermore, BP has not accounted for the possibility that the US courts find the group grossly negligent, a ruling that could add more than $20bn (£12bn) to its costs. About $19.3bn (£11.5bn) of its $20bn (£12bn) trust fund to settle claims is now accounted for.

Belfast Telegraph