BP Says 3Q Profit Fell 3.6 Percent
Posted on: Tuesday, 24 October 2006, 06:00 CDT
LONDON - BP PLC, Europe's biggest oil company, said Tuesday third-quarter profit fell 3.6 percent after a partial shutdown of its Alaska operations and higher taxes in Britain.
Net income for the three months ended Sept. 30 was $6.23 billion, compared with $6.46 billion in the third quarter of 2005. Revenue in the third quarter climbed 4 percent to $70.7 billion.
Production for the period averaged 3.8 million barrels of oil equivalent per day, down 0.2 percent from the year-ago period and down 5 percent from the second quarter this year.
In August, BP cut production by almost a half at its Prudhoe Bay field in Alaska after severe pipeline corrosion and a small leak were uncovered. Production has now reached 400,000 barrels per day, double the low point but still below the previous average of 450,000 barrels per day.
BP recently announced it was delaying the reopening of its Thunder Horse platform in the Gulf of Mexico - damaged by Hurricane Dennis last year - from 2007 to the middle of 2008.
The platform is the largest in the Gulf and is expected to produce about 240,000 barrels of oil and 200 million cubic feet of natural gas per day.
BP shares were down 0.17 percent at $11.27 in morning trading on the London Stock Exchange
--
On the Net: http://www.bp.com
Source: Associated Press/AP Online
Related Articles
- Crude oil at $50.22 per barrel Friday
- Chevron Reports Third Quarter Net Income of $7.9 Billion, Up From $3.7 Billion in Third Quarter 2007
- Crude Prices Settle Above $140 Per Barrel
- Oil Prices Back Near $130 Per Barrel
- Oil Prices Break $130 Per Barrel Barrier
- Crude Oil Closes Near $122 Per Barrel
- Crude Oil Prices Near $92 Per Barrel
- Projected $54 Per Barrel Oil Price By Year End
- Shell Oil Lowers Oil Production in Gulf of Mexico By 420,000 Barrels/ D Owing to Hurricane Katrina
- Crude Oil Prices Surge Past $55 Per Barrel
 |
 |
User Comments (0)
RSS Feeds