BP quarterly profit nears $2 billion despite largest oil spill in history

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.