BP profit slumps as oil output slips
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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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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 slid on Monday, drifting  toward $90 a barrel as a weak close on Wall Street spurred some  profit taking, although expectations that OPEC will maintain  its production curbs this week limited losses.
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Oil giant BP today said record fuel prices and better refining margins had helped it to bank nearly Â£1 million a day in profits. BP posted profits of 3.94 billion US
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World oil prices slipped on Thursday as  dealers began to take profits from the week's Hurricane  Ivan-inspired gains, betting that the worst of the storm's  disruption had been factored into prices.
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Oil prices slipped further from  record highs on Wednesday as traders locked in profits after  the market's $10 surge since mid-August.
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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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Schlumberger Ltd. , the world's largest oilfield services company, on Friday posted a third-quarter profit but weakness in the U.S. Gulf of Mexico and a pullback in its Russian operations weighed on shares.
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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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Exxon Mobil Corp.  reported a slight decline in fourth-quarter earnings Thursday due to lower natural gas prices and shrinking profits from gasoline sales.
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Oil giant BP Plc saw its third-quarter profits reduced by energy trading losses after its dealers got on the wrong side of volatile markets.
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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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British oil giant BP reported a 43-percent rise in third-quarter pro forma net profit to 3.94 billion dollars (3.08 billion euros) thanks to soaring crude prices and booming demand.
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Oil prices fell to a six-month low  under $60 a barrel on Monday as BP's move to restore output at  Prudhoe Bay earlier than expected added to a sense of healthy,  secure supplies, while demand growth questions loomed large.
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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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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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Chevron Corp. , the No. 2 U.S. oil company, said on Friday its fourth-quarter profit fell, pulled down by weaker natural gas prices.