BP’s latest earnings report shows the company has a long road ahead of it as profits dropped in the second quarter but resolved a great portion of its outstanding claims from the Deepwater Horizon accident.

According to its latest report for the second quarter released Tuesday, the UK-based oil company said adjusted profit dropped from $1.3 billion last year to $720 million. In a market report by Bloomberg, BP shares fell as much as 3.2 percent and the earnings report said net debt increased to $30.9 billion from $24.8 billion last year.

However, it’s underlying operating cash flow for the quarter was $5.5 billion according to the earnings report. BP previously said expected liabilities for covering the Deepwater Horizon spill would approach over $61 billion. Bob Dudley, BP group chief executive, highlighted this as a positive development.

“We are very pleased to have finally drawn a line under the material liabilities for Deepwater Horizon,” Dudley said in a press release. “We will always be mindful of what we have learned from that tragic accident. BP today is a stronger, more focused and more disciplined company. We continue to actively develop a strong, balanced portfolio and we are managing the business for value over volume.”