Oil Giant BP Cuts Output Forecast
Oil giant BP said third-quarter profit rose 79%, and cut its 2002 oil and gas output forecast for the third time in eight weeks.
Quarterly net income rose to $2.84 billion, or 13 cents a share, mainly from gains from the sale of its stake in Germany’s Ruhrgas. Excluding special items and reflecting the current cost of supply, profit slid 13% to $2.29 billion, at the low end of analysts’ forecasts.
London-based BP lowered its target for full-year growth in production of oil and gas to about 3%, down from 5.5% as recently as July.
The company has cited operating difficulties at facilities in Alaska, the Rocky Mountains and the North Sea, as well as storms in the Gulf of Mexico, for the scaled-back growth targets.
BP’s stock fell $2.67, or 7%, to $36.78 on the NYSE.
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