July 26, 2006 |
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.
October 25, 2006 |
Oil giant BP said Tuesday that its third-quarter profit declined 3.6%, slumping on lost Alaskan production, higher taxes in Britain and a sharp drop in gasoline prices. BP, which has experienced a run of difficulties in the United States, also lowered its average daily oil production forecast for 2006 because of asset sales and snags at several oil fields. The first of the major oil companies to report quarterly earnings this week, BP said net income for the three months ended Sept.
September 1, 2006 |
BP is aiming to restart oil production in the eastern half of Alaska's Prudhoe Bay oil field by the end of September, sources familiar with the company's plans said Thursday. Plans call for a partial restart of a pipeline that connects with the Trans-Alaska Pipeline's Flow Station 1, allowing up to half of the 200,000 barrels a day of lost production to begin flowing again. Prudhoe Bay normally supplies about 400,000 barrels daily, or 8% of U.S.
October 14, 2004 |
BP, Europe's biggest oil company, and partners in Indonesia's Tangguh liquefied natural gas project will start to deliver as much as 3.7 million metric tons of the fuel to Sempra Energy in Mexico in 2008, Indonesia's oil and gas regulator said. BP and San Diego-based Sempra have signed a 20-year sales contract. The LNG, which is natural gas chilled to liquid form so that it can be transported on a ship, will be delivered to Sempra's planned terminal near Ensenada in Baja California.
June 23, 2007 |
British oil giant BP has agreed to sell its interest in the Siberian Kovykta gas field to state-controlled Gazprom as the Kremlin tightened its grip on Russia's oil and gas industry. The sale is the culmination of years of pressure on BP's Russian joint venture TNK-BP, which wanted to develop the huge field to supply lucrative export markets in Asia. Gazprom will pay $600 million to $900 million for TNK-BP's 62.9% stake in the Kovykta operating company and a 50% stake in a smaller company.
March 20, 2008 |
Russian police visited the offices of British oil company BP and its Russian joint venture in what some observers said could be part of the government-orchestrated campaign to take control of lucrative energy assets. A group of police investigators appeared at the offices of BP's joint venture, TNK-BP, and later went to the Moscow offices of BP itself.
May 30, 2007 |
BP signed a $900-million natural gas exploration deal with Libya, marking the return of the British oil and gas company to the North African OPEC-member state after a 30-year break.
March 6, 2007 |
Venezuela said it had reached a $250-million deal to compensate Total and BP for an oil field it seized from them in April, but said it would not make the compensation in cash. Speaking at the signing of the deal, Energy Minister Rafael Ramirez pegged the compensation slightly lower than the $262 million that a government official had given earlier.
January 16, 2007 |
BP, under pressure because of a refinery explosion that killed 15 workers, suffered from systemic safety failures, according to a report by a committee headed by former Secretary of State James A. Baker III. The Baker panel found fault with the handling of safety issues by upper management at London-based BP, including top executives, said a person who has seen the report and asked not to be named because it is not yet public.
July 7, 2007 |
BP's $18-million settlement with California utilities and state officials over electricity sales made during the state's energy crisis in 2000 and 2001 was approved by the Federal Energy Regulatory Commission. The commission issued an order approving the agreement among London-based BP and the state's three major utility owners, PG&E Corp., Edison International and Sempra Energy Corp.