BP Misses Estimates and Plans More Job Cuts
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The British oil giant said it would cut an additional 5,000 jobs by the middle of next year in an effort to slim management and make the company more efficient.
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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 expects to restart on Monday 10,000 barrels per day of Alaskan oil production at its giant Prudhoe Bay oil field, halted June 18 for a pipe leak, a BP spokesman said.
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BP Plc  has submitted a  revised plan for preventing and responding to spills at the  Prudhoe Bay oil field following pipeline corrosion problems and  oil spills earlier this year, a state official said on Monday.
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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.
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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.
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BP said the start of production at its Thunder Horse platform in the Gulf of Mexico would be delayed after tests showed safety problems.
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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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BP will cut 5,000 jobs after reporting "disappointing" profits as margins were squeezed and costs rose.
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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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Oilfield and information services firm Schlumberger Ltd. said Thursday that third-quarter sales and profit missed Wall Street expectations as hurricanes and a slowdown in drilling activity in Mexico hurt results.
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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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Delays to the restart of a crude unit at BP Plc's  Texas City, Texas, refinery will cause it to miss its goal of raising crude oil processing rates at the refinery to 400,000 barrels per day by the end of 2007, a source familiar with refinery operations said Monday.
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BP, the worldâs second-biggest oil company, said production over the third quarter would be about 3.88 million barrels a day. That was an 11 per cent rise on the same period the year before and was helped
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BP says it has a zero tolerance policy with respect to industrial accidents, but the British energy giant has been accused time and again of cutting safety corners in the United States.
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Delays to the restart of a crude unit at BP Plc's  Texas City, Texas, refinery will cause the major to miss its goal of raising crude oil processing rates at the refinery to 400,000 barrels per day by the end of 2007, a source familiar with refinery operations said Monday.
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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...