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Higher safety costs hit BP profit Higher safety costs hit BP profit
(10 minutes later)
BP's latest profits have fallen 12% after it was hit by the declining price of oil and increased safety spending.BP's latest profits have fallen 12% after it was hit by the declining price of oil and increased safety spending.
The oil giant made a profit of $3.9bn (£2bn) in the last three months of 2006, down from $4.4bn a year earlier.The oil giant made a profit of $3.9bn (£2bn) in the last three months of 2006, down from $4.4bn a year earlier.
BP's higher safety spending comes as it has faced criticism over operating standards at its US plants.BP's higher safety spending comes as it has faced criticism over operating standards at its US plants.
This follows a fatal explosion at its Texas City refinery in 2005. Last month a report found deficiencies in BP's safety procedures in the US.This follows a fatal explosion at its Texas City refinery in 2005. Last month a report found deficiencies in BP's safety procedures in the US.
'Operational issues''Operational issues'
"We remain committed to addressing the recent operational issues while executing our strategy with discipline and focus," said BP's outgoing chief executive Lord Browne."We remain committed to addressing the recent operational issues while executing our strategy with discipline and focus," said BP's outgoing chief executive Lord Browne.
BP announced last month that Lord Browne would be retiring at the end of July, 18 months earlier than originally planned.BP announced last month that Lord Browne would be retiring at the end of July, 18 months earlier than originally planned.
He is being replaced by Tony Hayward, who is currently head of exploration and production at BP.He is being replaced by Tony Hayward, who is currently head of exploration and production at BP.
For the whole of 2006, BP saw profits rise 15% to $22.3bn, buoyed by higher oil prices in the first half of the year.For the whole of 2006, BP saw profits rise 15% to $22.3bn, buoyed by higher oil prices in the first half of the year.
BP's results are calculated on the basis of replacement cost, which reflects the current cost of supplies and is widely seen as the best measure of an oil firm's underlying performance.BP's results are calculated on the basis of replacement cost, which reflects the current cost of supplies and is widely seen as the best measure of an oil firm's underlying performance.
Looking ahead, the firm expects to see "continued growth at close to current rates".
US-wide problemsUS-wide problems
The 2005 explosion at BP's Texas City refinery killed 15 people and injured 180.The 2005 explosion at BP's Texas City refinery killed 15 people and injured 180.
Last month's independent report into the blast, led by former US Secretary of State James A Baker, found that while BP emphasised personal safety, it was weak on process safety.Last month's independent report into the blast, led by former US Secretary of State James A Baker, found that while BP emphasised personal safety, it was weak on process safety.
The report said the problem existed at all five of BP's US refineries.The report said the problem existed at all five of BP's US refineries.
BP said it would implement the report's recommendations, adding it had taken significant steps to improve safety.BP said it would implement the report's recommendations, adding it had taken significant steps to improve safety.
The firm has also faced criticism for leaks last year at its Alaskan operations.The firm has also faced criticism for leaks last year at its Alaskan operations.