BP Profits Off

Energy

Published: May 1, 2012 6:24 am

BP’s (NYSE: BP) profits fell as it continues to struggle with the Deepwater Horizon catastrophe. The incident and subsequent oil spill may cost the UK company as much as $20 billion in settlements with private interests. Fines by the US government could range into the billions of dollars as well. The total charge BP had taken against the potential liabilities was $37.2 billion as of March 31.

Despite a large increase oil prices which helped the results of other oil giants which include Exxon Mobil (NYSE: XOM) and Chevron (NYSE: CVX), BP’s profit for the first quarter was $5.9 billion down from $7.2 billion in the same period last year.

BP bragged about its new exploration and refinery prospects. The comments continue to be overshadowed by the largest mistake made by any multinational oil company in more than a generation.

Douglas A. McIntyre

Are You Still Paying With a Debit Card?

The average American spends $17,274 on debit cards a year, and it’s a HUGE mistake. First, debit cards don’t have the same fraud protections as credit cards. Once your money is gone, it’s gone. But more importantly you can actually get something back from this spending every time you swipe.

Issuers are handing out wild bonuses right now. With some you can earn up to 5% back on every purchase. That’s like getting a 5% discount on everything you buy!

Our top pick is kind of hard to imagine. Not only does it pay up to 5% back, it also includes a $200 cash back reward in the first six months, a 0% intro APR, and…. $0 annual fee. It’s quite literally free money for any one that uses a card regularly. Click here to learn more!

Flywheel Publishing has partnered with CardRatings to provide coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.