BP annual profits fall by a fifth
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The oil giant BP reports a 22% fall in annual profits at the end of a tough year for the company.
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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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Annual profits rise sharply at oil giant Chevron but a slump in gas prices leads to a drop in profits in the final quarter.
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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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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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Cnooc, a Chinese offshore oil producer, said first-half profit declined 11 percent, less than analysts had expected, as the company reined in operating costs.
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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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Noble Energy Inc.  said on  Thursday its fourth-quarter profit fell as weakness in natural  gas prices weighed on results.
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The Clorox Co., the maker of Clorox bleach, Brita water filters and other consumer products, Tuesday posted a 5 percent drop in profit for its latest quarter as it restructured some operations.
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British 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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Anglo-Dutch energy giant Royal Dutch Shell said Thursday its third-quarter net profit fell eight percent but still reached almost 6.4 billion dollars (4.5 billion euros) on the back of record oil prices.
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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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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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Shares of BJ Services (BJS:NYSE - news - research) were among the NYSE&#39;s losers Tuesday, falling 5% after the company posted fourth-quarter earnings and sales that fell below Wall Street expectations and warned on 2005.
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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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SAN RAMON, Calif. -- Chevron Corp.'s fourth-quarter profit dropped by nine percent, but the oil company still made enough to post its third consecutive year of record earnings.
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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.