BP cuts growth targets, Q4 profit falls
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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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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 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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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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The Marsh & McLennan Companies said its profit fell 62 percent in the fourth quarter as competition reduced the commissions the insurance broker charged.
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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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Retailer Macy&#39;s Inc.  cut its  quarterly profit outlook on Thursday as June same-store sales  came in lower than expected, and its shares fell nearly 4  percent.
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The company lowers its fourth-quarter and full-year earnings guidance.
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Pentair Inc. PNR.N on Tuesday cut its   earnings outlook for the third and fourth quarters, sending its   shares down as much as 10 percent, as weakness in the housing   market took a toll on its swimming pool equipment business.
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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, 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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U.S. oil and gas producer XTO Energy  Inc.  on Tuesday said its fourth-quarter profit fell as  lower natural gas prices weighed on results.
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Noble Energy Inc.  said on Thursday its fourth-quarter profit fell as weakness in natural gas prices weighed on results.
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3M Co  said on Tuesday fourth-quarter earnings fell as last year's results included a gain for selling a business.
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Dow Chemical Co  on Tuesday reported a drop in quarterly profit that was not as steep as analysts had expected as growth overseas helped offset weak U.S. housing and auto markets and spiraling energy and raw material costs.
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Chevron Corp. , the No. 2 U.S. oil company, said on Friday its fourth-quarter profit fell 9 percent, pulled down by weaker natural gas prices that have pared record earnings across the industry.
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Electronics giant Sony cuts its operating profit and sales targets for this business year, blaming falling product prices.