Profit Declines Sharply at BP
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The company said lower refining margins and gas prices were exacerbated by disruptions at some refineries.
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BP Plc  expects its oil and gas  production to have fallen 0.6 percent in the third quarter as  losses at its Alaska operations and sales of oil fields  outweighed gains from new start-ups and a benign hurricane  season.
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British oil giant BP reported a drop in net profit for the three months to June on Tuesday, as energy production dropped for an eighth quarter running despite strong world demand for oil and gas.
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High oil and gas prices and bigger profit margins in refining helped the British energy giant BP PLC nearly double its third-quarter earnings.
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Oil spills and safety lapses in the United States have overshadowed record profits.
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After months of soaring crude oil prices, BP, the world&#39;s second-biggest publicly traded oil company, reported a 43 percent rise in third-quarter profit on Tuesday and forecast
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U.S. Bancorp said its second-quarter profit declined 3.7 percent after a strong gain a year ago.
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British energy giant BP, reeling from fatal safety errors and a boardroom scandal, said Tuesday that third-quarter profits almost halved owing to lower output, US gas prices and refinery outages.
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Natural gas producer and pipeline  company El Paso Corp.  posted a second-quarter profit on  Monday, but its exploration and production earnings weakened,  sending its shares down 4.5 percent.
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The oil giant BP reports a 22% fall in annual profits at the end of a tough year for the company.
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Declining oil prices and mounting safety spending sent BP PLC's fourth-quarter profit down 22 percent to a two-year low, the oil company said Tuesday.
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Oil prices fell sharply yesterday in what traders described as a wave of profit-taking after futures hit a new high above $55 a barrel and after gasoline futures fell sharply on indications of declining demand.
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BP PLC reported a 29 percent slump in third-quarter profits Tuesday due to higher maintenance costs and outages at key refineries, but some analysts said the worst might be over after a run of operational problems at Europe's second-largest oil company.
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Chevron Corp. , the No. 2 U.S. oil company, said on Friday its fourth-quarter profit fell, pulled down by weaker natural gas prices and refining margins.
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Oil prices continued falling on Thursday after an unexpectedly large rise in U.S. crude inventories spurred profit-taking from record highs.
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BP PLC, one of Europe's biggest oil companies, reported Tuesday that third-quarter profit fell 29 percent compared with a year ago because of lower margins and interruptions in refining.
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BP Plc, the world's second largest oil  company, reported bumper third-quarter profits on Tuesday  thanks to high oil prices, but analysts said higher capital  expenditure plans raised some concerns about the extent of  future share buybacks.