BP profits from higher oil prices

BP has turned in much better than expected figures for 2011 at just over £15 billion, as oil prices continue to stay at high levels. Profits for the last quarter of 2011 were a very healthy £4.8 billion.

Legal actions following the Deepwater rig explosion are still being fought out, as BP sues contractor Halliburton over the failsafe equipment that could have prevented the disaster and caused the deaths of eleven oil rig workers.  BP hope to to recover some of the massive compensation paid out, due to the unprecedented clean up in the Gulf of Mexico, currently costing BP around £5billion.