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News Summary: BP profit drops due to settlement

Updated at: 02/05/2013 2:08 PM
By The Associated Press

CRUDE CRUNCH: Oil and gas giant BP’s fourth-quarter profit fell nearly 80 percent, dragged down by payouts related to the 2010 Gulf of Mexico oil spill. BP took a loss of $3.85 billion for its settlement of all federal criminal charges with the U.S. government.

RISING TIDE: The settlement shut the book on the criminal probe of BP’s role in the Deepwater Horizon disaster, but civil claims remain. BP could pay billions more in damages for the spill.

STILL IN BUSINESS: Earnings topped analysts’ predictions. BP’s refining and sale of petroleum products earned a record amount for the year.

(Copyright 2013 by The Associated Press. All Rights Reserved.)