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BP quarterly profit nears $2 billion despite largest oil spill in history; Cost replacement profit actually rises

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British Petroleum, the oil juggernaut responsible for the worst oil spill in history, posted a nearly $2 billion profit for the third quarter, despite the fact it has been dealing with the costs of its massive spill.

“The U.K.-based energy giant said net profit for the three months ended Sept. 30 fell to $1.79 billion, compared with $5.34 billion for the third quarter of 2009,” the Wall Street Journal’s James Herron wrote Tuesday.

“Total revenue for the quarter was up 10% to $74.65 billion from $67.86 billion in the same period in 2009. Diluted earnings per share were 9.4 cents compared with 28.2 cents the previous year,” Herron added.

The paper says BP will consider reinstating its generous dividend in February 2011, which it cut in the wake of the spill. So far, the company has set aside $39.9 billion for the costs of cleanup and other charges.

Just as important, Herron notes, is that “the company said the clean replacement cost profit, a keenly-watched figure that strips out the spill costs and gains or losses from inventories and reflects underlying performance, actually rose 18.3% for the period to $5.53 billion, compared with $4.67 billion for the third quarter of 2009. This was well above expectations of $4.60 billion in a Dow Jones Newswires poll of 12 analysts.”

Notes Forbes, “Earnings per American depositary share were 59 cents, less than half the $1.60 posted for the third quarter of 2009, but an improvement from a loss of $5.42 in the second quarter.”

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“For the third quarter, total income reached $4 billion, below Q3 2009’s figure of $6.4 billion,” Forbes added. “BP realized an average price per barrel of $70.47 for the quarter, and of $3.92 per mcf for natural gas.”

The Journal’s full paid-restricted story is available here.

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Progressive reformer claims victory in fiercely-contested Queens DA race

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Progressive reformer Tiffany Cabán has declared victory in her campaign versus Melinda Katz in the Queens District Attorney race.

With 99% of precincts reporting, Cabán held a lead of 1,090 votes, The New York Times reports.

Cabán was backed by Rep. Alexandria Ocasio-Cortez (D-NY) and Sen. Bernie Sanders (I-VT).

Katz was backed by Rep. Gregory Meeks (D-NY), who chairs the Queens Democratic Party, and Rep. Hakeem Jeffries (D-NY)

https://twitter.com/CabanForQueens/status/1143721257353076737

https://twitter.com/CabanForQueens/status/1143721448168710151

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2020 Election

New 2020 poll shows Trump trailing all Democrats — some by double-digits

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President Donald Trump trails all of his Democratic rivals in hypothetical matchups of the 2020 presidential race, according to the result of a new poll released Tuesday.

This article originally appeared on Salon.

The survey, conducted by Emerson Polling, found that the president lags behind former vice president Joe Biden and Sen. Bernie Sanders, I-Vt., by 10 points nationally — 45 percent to 55 percent. He also trails Sen. Elizabeth Warren by six points — 47 percent to 53 percent —and Sen. Kamala Harris, D-Calif., and South Bend, Ind. Mayor Pete Buttigieg by four points — 48 percent to 52 percent.

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Beto O’Rourke’s ‘war tax’ policy proposal is straight out of ‘Starship Troopers’

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Amid an overcrowded Democratic presidential candidate field, it's hard to distinguish yourself from the pack if you don't slot easily into the scale that runs from "pro-corporate centrist" to "left-populist." If you're former Texas congressman Beto O'Rourke —  who falls somewhere in the middle, politically, and somewhere towards the top, looks-wise — you pull a militaristic policy proposal out of your hat that recalls some of the most campy pseudo-fascist sci-fi ever written.

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