BP's Q4 profit falls, cuts growth targets
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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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Chevron Corp. , the No. 2 U.S. oil company, said on Friday its fourth-quarter profit fell, pulled down by weaker natural gas prices.
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Weak home and hardware sales drive lower fourth-quarter profits.
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Appliance maker Whirlpool Corp. (WHR.N: Quote, Profile, Research) on Wednesday reported a 4 percent drop in third-quarter earnings and cut its profit forecast for the year, citing rising costs for steel and oil.
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BP Plc, the world's second-largest  listed oil company by market capitalization, reported  above-consensus fourth-quarter profits on Tuesday thanks to  high oil prices and strong refining margins.
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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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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 housing and auto markets and spiraling energy and raw material costs.
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British energy giant BP, the world's third-biggest major, said Tuesday that net earnings fell last year despite soaring oil prices as it was hit by falling output after a turbulent 2007.
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BP Plc posted a 12 percent fall in fourth-quarter replacement cost (RC) net profit to $3.895 billion on Tuesday as oil and gas production fell and costs and taxes rose but the oil giant still beat forecasts.
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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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Engineering and construction company Shaw Group Inc.  on Wednesday reduced its fourth-quarter profit outlook due to an escalation in costs related to Hurricanes Katrina and Rita, sending shares down almost 5 percent in early trading.
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The companyâs shares plunged 15.9 percent to a nearly four-year low of $10.36 in morning trading after its net profit fell 84 percent in the fourth quarter.
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British 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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LONDON, Feb. 6  â BP said Tuesday that its fourth-quarter profit fell 22 percent to a two-year low, driven down by the declining price of oil and increased safety spending.
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Wells Fargo & Co  on Wednesday said fourth-quarter profit fell, the first decline in more than six years, hurt by rising losses from home equity loans.
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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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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.