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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 after criticism into its operating standards in the US following a fatal explosion at its Texas City refinery in 2005. | |
For 2006 as a whole, BP's profits rose 15% to $22.3bn, lifted by higher oil prices in the first half of the year. | |
'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. |
Lord Browne has led BP for 11 years | |
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. |
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". | Looking ahead, the firm expects to see "continued growth at close to current rates". |
US-wide problems | US-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. |
The Texas City blast caused huge damage | |
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. |