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| BP back to profit after oil spill | BP back to profit after oil spill |
| (40 minutes later) | |
| Oil giant BP has announced a return to profit in the three months to September after last quarter's record loss. | Oil giant BP has announced a return to profit in the three months to September after last quarter's record loss. |
| The firm said its replacement cost profit for the period was $1.85bn (£1.15bn), as against the $17bn loss recorded from April to June. | The firm said its replacement cost profit for the period was $1.85bn (£1.15bn), as against the $17bn loss recorded from April to June. |
| The previous loss reflected the massive costs of the Gulf of Mexico oil spill crisis, which followed an explosion on a drilling rig in April. | The previous loss reflected the massive costs of the Gulf of Mexico oil spill crisis, which followed an explosion on a drilling rig in April. |
| Bob Dudley, who led the clean-up, became BP's chief executive last month. | Bob Dudley, who led the clean-up, became BP's chief executive last month. |
| He replaced Tony Hayward, who was criticised for his leadership during the crisis. | He replaced Tony Hayward, who was criticised for his leadership during the crisis. |
| BP said the cost of the oil spill had now risen by $7.7bn to a total of $39.9bn, including $20bn set aside under pressure from the US government for compensation payments. | BP said the cost of the oil spill had now risen by $7.7bn to a total of $39.9bn, including $20bn set aside under pressure from the US government for compensation payments. |
| Eleven workers on the Deepwater Horizon drilling rig were killed by the explosion on 20 April and hundreds of miles of coast were polluted. | |
| BP's return to the black shows quite how strong and profitable it is. | |
| BP has taken a further $7.7bn (£4.8bn) of charges relating to the Gulf of Mexico oil spill - bringing to almost $40bn the total provision that it has made for the ultimate costs of the debacle. | |
| BP has benefited from a higher oil price, which boosted earnings in its giant exploration and production division by more than $2bn, offsetting a fall in the amount of oil produced. | |
| That division is being broken up, as part of comprehensive efforts by the new chief executive Bob Dudley to rehabilitate this battered business. | |
| His cure also includes shrinking BP, selling off up to $30bn of assets by the end of the year, to cover those huge oil spill costs. | |
| The well was finally capped on 15 July, after an estimated 4.9m barrels of oil (171m gallons) had leaked into the sea, and fully sealed in September. | |
| Cement fears | |
| In another development, Japanese firm Mitsui said on Tuesday that one of its subsidiaries, Moex Offshore, had been billed $1.9bn by BP to cover costs from the oil spill. | |
| Moex owns 10% of the Macondo oil well project operated by BP. | Moex owns 10% of the Macondo oil well project operated by BP. |
| Mitsui said it had withheld payment, because it said there was uncertainty about the amount due. | Mitsui said it had withheld payment, because it said there was uncertainty about the amount due. |
| Last week, US investigators said cement used to seal the Macondo well may have contributed to the blowout that caused the Gulf of Mexico oil spill. | |
| Both BP, which owned the well, and Halliburton, the contractor responsible for the cement, were aware of tests showing it was unstable, they said. | |
| Halliburton has denied the claims, saying the tests were invalid as they were on a different kind of cement. |