Wednesday, August 25, 2010

BHP (NYSE:BHP) Takes $59 Million Charge on Moratorium

BHP Billiton Ltd. (NYSE:BHP) acknowledged today they took a $59 million charge against its yearly results from the imposition of the oil drilling moratorium by the Obama administration.

After the BP (NYSE:BP) oil spill, BHP said they had to stop drilling on their Atlantis and Shenzi projects in the Gulf during the quarter ending in June.

The overall petroleum unit of BHP generated $4.58 billion for the year for the quarter ending June 30, a gain up 12 percent year-over-year.

BHP executives said, "BHP Billiton continues to monitor and assess the impact of the six month suspension of certain permitting and drilling activities."

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