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British Petroleum Informs It Lost Over USD 700 Mil Consequent on Hurricanes Katrina and Rita

Posted on: Wednesday, 12 October 2005, 09:00 CDT

British Petroleum (BP) (UK), oil concern, informed on 4 Oct 2005 it had lost over USD 700 mil consequent on hurricanes Katrina and Rita in the Gulf of Mexico. The investment bank Goldman Sachs (GS) reacted to the information immediately, estimating BP to generate a net profit of USD 23.6 bil in 2005, down 6.6% from the earlier prognosis

. In connection with the hurricanes, BP had to lower its oil exploration forecast for the whole 2005 by 130,000 barrels. In 2005 the concern will be mining 4.1-4.2 mil barrels/d of oil. In reaction to the news about the economic losses, BP's shares fell by 1.8% to 661.5 pence/piece on the London stock exchange on 4 Oct 2005. BP, Europe's number one among oil companies, was the first firm to publish a more detailed report on its losses in the Gulf of Mexico. Other companies, including Royal Dutch/Shell (Netherlands/ UK) and ExxonMobil (USA), are calculating their losses at the moment.

Source: Access Czech Republic Business Bulletin

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