• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

BP's Oil and Gas Production Up 3.5 Percent

Posted on: Tuesday, 5 July 2005, 09:01 CDT

LONDON - BP Group PLC, one of the world's largest oil companies, reported Tuesday that oil and gas production rose 3.5 percent in the second quarter and said it is on track to meet its 2005 production goal.

The London-based company said overall production, which varies seasonally, was around 4.1 million barrels per day in the quarter, compared to 3.97 million in the second quarter of 2004. BP's goal is 4.1 million to 4.2 million barrels of oil equivalent per day. The gain exceeded a 2.1 percent increase in the first quarter.

The company said the production excluding volumes from its Russian joint venture, TNK-BP, was 3.135 million barrels per day, similar to the first quarter.

BP also said it would incur a charge in its second-quarter results for claims arising from an explosion at its Texas refinery on March 23 that killed 15 people and injured 170. The company, which said in April that the financial impact of the blast was minimal, did not specify the size of the charge.

BP continued to benefit from soaring oil prices, with Brent crude averaging $51.63 per barrel in the second quarter, up from $47.62 in the first quarter and $35.32 a year ago.

Natural gas prices rose to $6.74 per million British thermal unit from $6.27 in the first quarter and $6 a year earlier, BP said in a trading update to the London Stock Exchange.

Refining margins were relatively mixed, with gains in Asia and Europe partly offset by weakness in the United States.

BP shares rose 0.5 percent to 620 pence ($10.91) in midday trading on the London Stock Exchange.

Source: Associated Press/AP Online

More News in this Category