BP profits deflate in 2006, with output to fall further
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BP has said that net profits retreated in 2006 -- reflecting a decline in production and refining margins -- and revised downwards its output for next year.
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Energy giant BP has said that net profits dipped in 2006, reflecting a decline in production and refining margins, despite record peaks for crude oil prices in the middle of the year.
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BP Plc posted a 1 percent drop in quarterly post-tax profit to $6.087 billion as production fell and refinery outages prevented the oil giant from taking full advantage of near-record refining margins.
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British energy giant BP said Wednesday that it will cut more than 350 jobs at its North Sea operations in the face of lower output and soaring costs.
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Oil major BP Plc  has shut down  10,000 barrels per day of oil production at its giant Prudhoe  Bay oil field in Alaska after discovering a leaking flow line,  the Anchorage Daily News reported on Saturday.
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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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Slashed earnings estimate pulls down shares.
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Business & money: Budget airline warns that profits could fall by up to 50% next year on the back of high oil prices
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BP Plc, the world's second largest oil company, reported bumper third-quarter earnings on Tuesday on the back of high oil prices.
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Oil prices fell on Monday,  threatening to test a new six-month low under $60 a barrel as  news of BP restoring output at Prudhoe Bay added to a sense of  healthy supplies, while demand growth questions loomed large.
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Oil prices fell to their lowest level   in five months on Thursday, after energy giant BP said it could   bring its huge oil field in Prudhoe Bay, Alaska, back to full   production by the end of October.
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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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Oil prices fell to a new six-month low   below $60 a barrel on Monday as news of BP restoring output at   Prudhoe Bay added to a sense of healthy supply.
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BP  said on Wednesday  production at its Prudhoe Bay oil field in Alaska, the largest  in the United States, fell to 110,000 barrels per day (bpd) due  to a technical fault. A company spokesman said the reduced  output would last for several days. Production had previously  been about 200,000 bpd, around half the field's normal output.
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BP Plc, the world's second largest oil  company, reported bumper third-quarter earnings on Tuesday on  the back of high oil prices.
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Oil prices fell on Monday,   threatening to test a new six-month low under $60 a barrel as   news of BP restoring output at Prudhoe Bay added to a sense of   healthy supplies, while demand growth questions loomed large.
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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.