BP shares flat as group posts record £11bn loss

BP has recorded a $17bn (£11bn) loss over the second quarter, one of the largest corporate losses in British history.

This compares to a profit of $3.1bn in the second quarter of 2009, and $5.6bn in the first quarter of this year. Replacement cost loss for the half year was $11bn, compared to a $6.9bn profit in the first half of 2009. The oil giant has set aside $32.2bn to cover the costs of cleaning up the oil spill in the Gulf of Mexico, including the $20bn legal fund it has already earmarked. It also plans to sell off parts of the business worth $30bn and says it may divest further non-core assets. Dividends will remain suspended for the second and third quarters of the year. BP says the boa...