BP annual profits fall by a fifth
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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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British energy giant BP, the world's third-biggest major, said Tuesday that net earnings fell last year despite soaring oil prices as it was hit by falling output after a turbulent 2007.
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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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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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BP Plc, the world's second-largest  listed oil company by market capitalization, reported  above-consensus fourth-quarter profits on Tuesday thanks to  high oil prices and strong refining margins.
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Annual results show a drop in profits despite better efficiency.
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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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British oil giant BP announced a fall in net profit in the three months to June following 24 months of continuously falling production despite strong world demand for energy.
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BP will cut 5,000 jobs after reporting "disappointing" profits as margins were squeezed and costs rose.
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SAN RAMON, Calif. -- Chevron Corp.'s fourth-quarter profit dropped by nine percent, but the oil company still made enough to post its third consecutive year of record earnings.
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Some top executives at British oil company BP  are worried that cost cutting at a Texas refinery might have contributed to the plant's poor state of safety and equipment, according to an internal BP review, The Wall Street Journal reported on its Web site on Tuesday.
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LONDON -- BP PLC said Tuesday its fourth-quarter profit dropped 22 percent to a two-year low, driven down by the declining price of oil and increased safety spending after a series of high-profile mishaps including a deadly refinery blast in Texas and an oil spill in Alaska. The oil company also...
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LONDON, Feb. 6  â BP said Tuesday that its fourth-quarter profit fell 22 percent to a two-year low, driven down by the declining price of oil and increased safety spending.
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BP Plc  slashed its short and medium-term growth targets, hitting the oil giant's shares, as it reported better-than-expected, but falling, fourth-quarter profits.
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The company has signalled profits of between Â£285 million and Â£295 million, down on Â£311 million a year ago, following a poor run of sales.
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Anglo-Dutch energy giant Royal Dutch Shell said Thursday that its net profit fell by eight percent in the third quarter as the company experienced a drop in oil production.
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Oil giant BP Plc  posted a lower-than-expected 12 percent drop in fourth-quarter profit on Tuesday as production fell and taxes rose but investors were disappointed by scaled back growth plans and rising costs.