BP profits plunge on massive writedown

British energy giant BP faces further troubles as lower oil and gas prices, as well as a decline in production due to maintenance work has a negative effect on its performance.

An increase in the costs from the 2010 oil spill in the Gulf of Mexico meant the company wrote down $4.8 billion for its assets in the US. As a result it ended the second quarter with $1.4 billion net loss.

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