BP profits down as output, refining suffer
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BP reported a 45 percent fall in third-quarter replacement-cost profit to $3.867 billion due to lower oil and gas production, problems at its refining division and fewer asset sales which had flattered the year-earlier result.
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World oil prices fell on profit-taking Monday but losses were limited by concerns over tight supplies, as the International Energy Agency called for increases to US refining capacity, traders said.
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Oil giant BP sees production levels fall in the third quarter of 2006 after problems at its Prudhoe Bay site in Alaska.
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BP Plc  slashed its short and medium term growth targets on Tuesday, hitting the oil giant's shares, as it reported better than expected, but falling, fourth quarter profits.
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Oil prices fell nearly 1 percent to below $93 a barrel on Tuesday, fading from their latest record high as investors took profits from a rally driven by a Mexican supply outage and the spiralling dollar.
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British energy company BP reported weak crude production in the third quarter following the partial shutdown of Prudhoe Bay -- the largest oil field in the United States.
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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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Oil giant BP Plc  slashed its growth targets and raised spending plans on Tuesday, hitting its shares, as it reported better than expected, but falling, fourth quarter profits.
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Shares fell as Caterpillarâs disappointing profit fueled caution over the economy, while a pullback in crude oil prices from a record high hurt shares of energy companies.
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BP PLC reported a 29 percent slump in third-quarter net profit on 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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BP  reported a 45 percent fall in third-quarter replacement-cost profit to $3.867 billion due to lower oil and gas production, problems at its refining division and fewer asset sales which had flattered the year-earlier result.
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The company said third-quarter net income fell 5 percent on weakness in refining, but the decline was less than Wall Street had feared.
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Falling production and refinery problems dents BP's second-quarter earnings, which dipped 1% to $6.09bn.
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Energy giant BP, reeling from fatal safety errors and a boardroom scandal, said Tuesday that third-quarter profits slumped owing to lower output, weak US gas prices and refinery outages.
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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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ConocoPhillips said refined fuel prices failed to keep pace with gains by crude oil, narrowing profit margins on gasoline and diesel.
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Conoco's higher upstream income wasn't able to overcome lower refining results.