{"id":11634,"date":"2010-07-27T08:32:46","date_gmt":"2010-07-27T06:32:46","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11634\/bp-crashes-to-11bn-loss-writes-off-20-8bn-for-oil-spill\/"},"modified":"2010-07-27T08:32:46","modified_gmt":"2010-07-27T06:32:46","slug":"bp-crashes-to-11bn-loss-writes-off-20-8bn-for-oil-spill","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11634\/bp-crashes-to-11bn-loss-writes-off-20-8bn-for-oil-spill\/","title":{"rendered":"BP crashes to \u00a311bn loss, writes off \u00a320.8bn for oil spill"},"content":{"rendered":"

BP confirms the company posted losses of \u00a311bn for the second quarter of the year and will write off \u00a320.8bn to cover the cost of the Gulf of Mexico oil spill.<\/p>\n

BP will today unveil plans to double the amount of assets up for sale from \u00a36bn to more than \u00a312bn in a bid to pay for escalating claims from the Gulf oil spill.<\/p>\n

Fields in the North Sea, considered to be the company’s family silver and Alaska could be plundered as the oil company tries to find more cash.<\/p>\n

Fadel Gheit, oil analyst with Oppenheimer brokerage in New York, believes it makes sense. “I think BP could raise $5bn to $10bn from North Sea sales and still have something left here in the portfolio,” he said.<\/p>\n

\u201cIt\u2019s all about getting a clean slate,\u201d Peter Hitchens, an analyst at Panmure Gordon & Co. in London, said before the results were published. \u201cThey\u2019ll do the kitchen sink job to get it all out of the way at the start rather than a drip drip that will distract from future earnings.\u201d<\/p>\n

Meanwhile, BP returned to work on permanently plugging the Gulf oil well after a storm threat eliminated an opportunity to seal the gusher more securely by the end of July.<\/p>\n

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