Disaster clouds BP profits boost

Bumper profits at BP were overshadowed by tragedy this week after an explosion at an offshore oil rig killed 11 people.

Oil giant BP exceeded analysts' expectations this week with a 135% year-on-year jump in first-quarter after-tax profits to $5.6bn on a 55% increase in revenues to $74bn. This was due largely to the near-doubling of the oil price between last year's first quarter and this year's.

But the news was overshadowed by last week's explosion of an offshore rig, which killed 11 people. Around 1,000 barrels of oil are leaking into the sea every day and have created an 80- by 50-mile slick. The cost of the clean-up is expected to be around $200m-$300m, although litigation may well drive the total higher.

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