Bp Company

BP said it had agreed to buy Chevron Corp.'s Netherlands manufacturing company, Texaco Raffinaderij Pernis, for about $900 million, excluding working capital and hydrocarbon inventory. BP will acquire Chevron's 31% stake in Netherlands Refining Co., or Nerefco, Chevron's stake in the jointly owned wind farm at the refinery and a stake in the nearby crude oil terminal and storage facility and a number of associated pipelines.

BP is taking a multimillion-dollar broom to sweep away a slew of federal charges linked to energy price fixing, a deadly refinery blast and pipeline leaks and focus on its energy business. The more than $373 million in settlements announced Thursday are part of BP's attempt to rid itself of problems from the stewardship of former Chief Executive John Browne and move ahead with the restructuring of Europe's second-largest oil firm.

John Browne stepped down as chief executive of oil giant BP on Tuesday, three months earlier than planned, after losing a legal battle to prevent the publication of claims that he let a former boyfriend use company resources. London-based BP said that Tony Hayward, 49, who was scheduled to replace Browne on Aug. 1, took over the position immediately. BP said allegations that Browne misused resources were "unfounded or insubstantive."

Production at BP's Prudhoe Bay oil field was reduced by an additional 90,000 barrels a day when a problem was discovered in a compressor, the company said. That cut production at Prudhoe Bay from an already reduced 200,000 barrels to 110,000 barrels, BP Alaska spokesman Daren Beaudo said. It probably will take several days to complete the repairs, he said.

British oil company BP will close 12 oil wells on the North Slope as a precaution after whistleblowers alleged more than 50 were leaking. The wells were being shut down Tuesday, BP spokesman Darren Beaudo said in Anchorage. The action came after workers allegedly told the Financial Times of London of the leaks. The newspaper first reported the shutdowns on its website. Most of the shuttered wells were in Prudhoe Bay, Beaudo told the Associated Press.

Venezuela's tax agency has billed the local subsidiaries of Chevron Corp. and BP a combined $56.6 million, saying the amount represented unpaid income tax for fiscal 2005. Chevron was billed $19.4 million and has 15 days to refile its 2005 taxes as well as pay a fine of 10% of the sum it owes, the agency said. The tax agency said BP owed $37.2 million for the same year.

BP, whose brands include Arco, reported a 53% rise in fourth-quarter profit Tuesday as oil prices surged, but full-year earnings fell because of refining outages and rising costs. The oil giant also unveiled a more generous dividend policy and plans to speed up restructuring and cost cutting. BP said net income in the fourth quarter rose to $4.4 billion from $2.88 billion a year earlier. Revenue, including asset disposals, rose to $81.5 billion from $62.8 billion. Full-year profit fell 5.

BP's chief executive is stepping down by the end of July -- more than a year ahead of schedule -- after a series of high-profile problems including a deadly refinery blast in Texas and a giant oil spill in Alaska tarnished the image of one of the world's largest oil companies. BP said Friday that Chief Executive John Browne, 58, would be succeeded by Tony Hayward, the head of exploration and production. Hayward, 49, who will take over Aug.

U.S. pipeline regulators will propose in coming weeks rules aimed at preventing runaway pipeline corrosion that plagued Prudhoe Bay oil field in Alaska. Thomas Barrett, head of the Transportation Department's Pipeline Safety Administration, said he would soon propose rules to regulate some low-stress lines in rural areas, including London-based BP's Prudhoe Bay lines. Current pipeline regulations exempt those lines from oversight.

Soaring oil and gasoline prices propelled BP to a $7.3-billion net income in the second quarter, a 30% increase from last year despite reduced output and rising costs. BP's performance exceeded the expectations of Wall Street analysts, who forecast that second-quarter profits from the world's six largest publicly traded oil companies will surpass $36 billion. The next major integrated oil company to release quarterly earnings is ConocoPhillips. Its results are expected today.