Falling oil and gas prices and lower profits from refining meant a tough fourth quarter for BP, which has served up a stream of bad news for investors over the past year.
Chief executive Lord Browne has presided over a series of mishaps, including Alaskan pipeline leaks, Gulf of Mexico field delays and US investigations into the company’s oil and propane trading.
Browne announced last year he would step down at the end of 2008 after a series of leaks about his future at the helm of Britain’s biggest firm.
He will tell investors tomorrow that BP’s oil production in 2006 was below its target of between 4.1m and 4.2m barrels a day and below the 3.9m a day it achieved in 2005.
But with BP profits for the first nine months of 2005 hitting 9.8bn , against 11bn for the whole of the year, analysts still expect the company to have earned enough in the past three months to post record profits when it reveals its results next month.
Other stories:
Profits target for downbeat BP
BP to end succession mystery
Oil woes shake Shell and BP
BP blasted over safety record
Annus horribilis hits BP profits
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on Tuesday, February 27th, 2007 at 6:12 am and is filed under Stocks.
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Falling oil and gas prices and lower profits from refining meant a tough fourth quarter for BP, which has served up a stream of bad news for investors over the past year.
Chief executive Lord Browne has presided over a series of mishaps, including Alaskan pipeline leaks, Gulf of Mexico field delays and US investigations into the company’s oil and propane trading.
Browne announced last year he would step down at the end of 2008 after a series of leaks about his future at the helm of Britain’s biggest firm.
He will tell investors tomorrow that BP’s oil production in 2006 was below its target of between 4.1m and 4.2m barrels a day and below the 3.9m a day it achieved in 2005.
But with BP profits for the first nine months of 2005 hitting 9.8bn , against 11bn for the whole of the year, analysts still expect the company to have earned enough in the past three months to post record profits when it reveals its results next month.
Other stories:
Profits target for downbeat BP
BP to end succession mystery
Oil woes shake Shell and BP
BP blasted over safety record
Annus horribilis hits BP profits
This entry was posted
on Wednesday, January 10th, 2007 at 10:20 am and is filed under Stocks.
You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.