BP Makes Last $10 Million Payment For Area Tourism; BP Profits Soar

October 26, 2011

BP executives on Tuesday sent the third $10 million installment of a $30 million program created earlier this year to bolster tourism marketing in the Florida Panhandle — the same day BP announced profits of $4.8 billion.

The payment, which targets an area hard hit by the BP Deepwater Horizon oil spill, will be distributed through the Northwest Florida Tourism Council.

“This demonstrates their commitment to restore Northwest Florida tourism,” said Dawn Moliterno, the executive director of Visit South Walton. “The results have already been demonstrated with the recent significant increases in bed tax collection.”

Bed tax receipts in the seven counties of Escambia, Santa Rosa, Okaloosa, Walton, Bay, Gulf and Franklin, indicate the summer season was far ahead of 2010.

Oil giant BP reported higher third quarter profits Tuesday on higher oil prices and its CEO says the company has clearly survived last year’s Gulf of Mexico oil spill. BP announced in the quarter that ended Sept. 30 it had net profit of $4.9 billion, up from $1.8 billion in the same quarter a year earlier.

The company also said it is selling $45 billion in assets to pay for damage from the April 20, 2010, Deepwater Horizon explosion and spill.

In a statement, BP CEO Bob Dudley said the company had “reached a definite turning point,” from the aftermath of the spill. The company still faces more than 600 lawsuits related to the spill.

By The News Service of Florida

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Written by William Reynolds · Filed Under News