BP's output falls 11% in first quarter, profits slip 2% to £3.3 billion
A year on and the effects of the Deepwater Horizon disaster in the Gulf of Mexico can still be felt at BP (LON:BP, NYSE:BP).
In the wake of the giant spill the oil major was forced to start offloading around £25 billion-worth of assets to foot the clean-up bill.
This had an impact on production - as did the shutdown in the Gulf - which had a consequent knock-effect on earnings.
As a result, profits in the first quarter dropped by 2 percent to £3.3 billion, while output was down a worrying 11 percent.
Updating on its efforts in the Gulf, the group said the majority of the shoreline clean-up phase was completed in the first quarter.
"Limited work continues to complete cleaning of the impacted marshes and barrier islands. Monitoring and maintenance continues on shorelines where clean-up has been completed," BP said in a statement.
"Efforts continue to identify and, where practicable to do so safely and effectively, to remove submerged oil mats offshore.
"Finally, a pilot project to determine the feasibility of recovering the remaining anchors that were used to secure protective boom in the shallow coastal waters of Louisiana is nearing completion."
The catastrophe claimed 11 lives and threatened an environmental disaster.
It also left an indelible mark on the oil major. BP plunged to its first full-year loss in two decades and chief executive Tony Hayward was forced to resign.
It also prompted the company to temporarily suspend its dividend, which accounted for one pound in every six invested by pension schemes. The group's share price is still about a third lower than it was before the disaster.
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