2 Feb 2011

BP posts loss after Gulf spill

1:37 pm on 2 February 2011

BP has reported its first loss in eight years, due to the cost of cleaning up after the oil spill in the Gulf of Mexico.

The oil giant made a loss of $US4.9 billion for 2010, its first annual loss since 1992.

BP says the result reflects a sum of $40.9 billion set aside for charges relating to the oil spill.

However the company said it would restore its dividend payment to shareholders, paying seven cents a share.

The pay-outs had been suspended in the wake of the Gulf spill.