The news comes soon after the Shell oil barrels fiasco, which saw the company downgrade its oil barrel estimates by four billion barrels and led to the resignation of senior executives including chief financial officer Judy Boynton.
Analysts had expected BP to downgrade its oil reserves to meet accounting guidelines in the US, but the company surprised the market with the underestimate.
As a result shares firmed by 3.5p to 494p yesterday, a rise of 0.7%.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements