BP production falls in Q3 as Alaska losses bite
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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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ConocoPhillips  expects third-quarter oil and gas production to be down about 5 percent from the second quarter, due in large part to problems at the Prudhoe Bay field in Alaska, the oil major said on Tuesday.
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Oil prices fell 3.5% to a three-month low yesterday as mild winter weather sapped demand in the US Northeast, the world&#39;s largest heating oil market.
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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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BP PLC reported a 29 percent slump in third-quarter profits 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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Energy giant BP has said it was shutting down America's biggest oil field after an ageing Alaskan pipeline sprang a leak, sending crude prices shooting up on world markets.
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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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After months of soaring crude oil prices, BP, the world&#39;s second-biggest publicly traded oil company, reported a 43 percent rise in third-quarter profit on Tuesday and forecast
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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 slashed its growth targets and raised its capital expenditure forecast for this year.
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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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BP Plc BP.L will be able to restart   105,000 barrels per day of oil production from the eastern side   of Prudhoe Bay within "a few weeks" after Alaska regulators   approved on Friday the oil major's plan to connect the field to   the nearby Endicott pipeline.
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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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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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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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British energy giant BP&#39;s third-quarter revenues are set to be &quot;dreadful,&quot; the company&#39;s chief executive Tony Hayward told a meeting of BP employees in Houston, the Financial Times reported in an early edition of its Tuesday paper.
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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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Industry analyst Trilby Lundberg says the drop comes thanks to an increase in crude oil supplies combined with the recovery of US offshore oil production after Hurricane Ivan.