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Brand of the day: BP

Welcome to Brand of the Day, where we pick the brand making headlines and explain what you need to know about why it's in the news.

BP takes our brand of the day spot.

The oil multinational has announced a second-quarter loss of $6.3 bn, and is warning customers that low crude prices are here to stay.

The slump is related to a $9.8bn pretax charge that firm had to pay as part of an $18.7bn agreement with the US government to settle legal claims relating to a massive oil spill in American waters.

Formerly known as British Petroleum, the company was founded in 1908 by William Knox D'Arcy.

It employs 84,500 people worldwide and produces 3.2m barrels of oil each day.

It drew criticism in 2010 when a gas release, and subsequent explosion, occurred on the Deepwater Horizon oil rig working on the Macondo exploration well for BP in the Gulf of Mexico.

The spill was the largest ever of its kind and killed 11 workers. The leaking wellhead dispensed up to 24,000 barrels of oil per day in the immediate period afterwards with devastating environmental effects for the marine life in the area.

Earlier this year a federal jury found former BP executive, David Rainey, not guilty of making false claims to investigators in connection with the disaster.

The payout responsible for today's news came following President Obama's promise at the time of the incident that he would "make BP pay for the damage the company has caused."

Later that year, Greenpeace invited activists to design a new logo for the oil giant.

The environmental pressure group put the brief out via an ad the Guardian, and said that BP's current 'sunflower' logo did not "suit a company that wants to invest in tar sands".

BP is still dealing with claims made by individuals and businesses in the US relating to the spill, and said it is "supporting economic and environmental restoration efforts in the Gulf Coast."

Commenting on today's announcement chief executive Bob Dudley said: "In the past few weeks oil prices have fallen back in response to continued oversupply and market weakness and the recent agreements regarding Iran.

"I am confident that positioning BP for a period of weaker prices is the right course to take, and will serve the company well for the future."

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