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BP profits plummet

The accounts are not looking good over at oil giant BP. Profits plunged by 44% to $720m in the second quarter of 2016.

The company has suffered from the falling oil price and the clean up costs of the Deepwater Horizon disaster.

BP said it has “drawn a line” under the disaster in the Gulf of Mexico, after totting up a $61.6bn bill.

But chief executive Bob Dudley said the company is “well down the path” towards fresh growth, pledging afresh to protect its generous dividends. They will pursue three new projects this year, he added. 

North sea workers go on strike

Shell are facing problems too, but of a different sort. Approximately 400 workers on Shell’s oil rigs in the North sea started a 24 hour strike at 6.30am this morning.

Wood Group employees are objecting to changes in their working conditions and pay cuts of up to 30%, in the first North sea strike in two decades.

Unite have warned of subsequent strikes in the coming weeks, while Shell said production will be unaffected because the platforms are undergoing maintenance.

EDF investors agree 4 billion Hinkley fundraising

Shareholders at energy giant EDF have agreed a financing package to support Hinkley Point, ahead of an expected approval of the project at a board meeting on Thursday.

Plans were approved to release 4bn euros in new shares to support the nuclear plant in Somerset.

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