BP’s Still Making Bank

Photo by mechanikat, <a href="http://www.flickr.com/photos/mechanikat/2540128864/sizes/m/in/photostream/">via Flickr</a>.


Looks like the past year hasn’t been so bad after all for BP, which today reported a 16 percent increase in profits over the first quarter of 2010. The company reported $7.2 billion in net earnings—compared to $6.2 billion for the first three months of last year.

The company sold off a bunch of assets in order to pay for the Gulf oil disaster, which is how they managed to keep the profits up. BP also hasn’t been drilling in the deepwater since that whole giant oil catastrophe it unleashed last year. But to still report an increase in income is, well…let’s just say I have a hard time feeling too bad for them because their profits weren’t as high as they could have been.

Never fear though, as the company says it expects to be back out drilling in the Gulf by the second quarter of this year.

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  • Kate Sheppard was a staff reporter in Mother Jones' Washington bureau from 2009 to 2013. She is now a senior reporter and the energy and environment editor at The Huffington Post. She can be reached by email at kate (dot) sheppard (at) huffingtonpost (dot) com and you can follow her on Twitter @kate_sheppard.