BP Raises Costs of Gulf Oil Spill to $40B

BP now says that Gulf of Mexico oil spill cost has surged to $40B.

It recorded a charge of $32.2B in the second quarter.

It also said its $1.79B net income for the third quarter was much lower than a year-earlier profit of $5.3B because it set aside an extra $7.7B to pay for the spill's response as well as future fines and compensation.
BP cited "a delay in completing the relief well that finally sealed the Macondo well in September."