Big Oil

Between the lines: $178 million on Gulf of Mexico drilling lease sales

Oil tanker on Gulf of Mexico
An oil tanker at sunset near Galveston, Texas. Photo: Dave Walsh/VW Pics/UIG via Getty Images

Yesterday's Gulf of Mexico lease sale drew $178 million in winning bids from oil companies, spanning 144 tracts in the region that cover around 800,000 acres.

The big picture: The total was very modest by comparison to many sales in the past, including auctions in the mid-2000s, when high oil prices led to high bids totaling several billion dollars.

BP posts $2.8B profits, up 4x from last year

The BP logo. Photo: Omar Marques/SOPA Images/LightRocket via Getty Images

BP posted a $2.8 billion second-quarter profit Tuesday, beating analyst expectations with a tally that's roughly four times higher than the same period a year earlier.

Why it matters: It's a bright spot for BP during an earnings season in which some other super-majors — notably Exxon — have posted profits that fell short of forecasts despite strong oil prices.