Tuesday, July 28, 2009

BP Says ‘Little Evidence’ of Recovery After Net Falls

BP, Europe’s second biggest oil company, said profit fell 53 percent on lower energy prices and there is “little evidence” of a recovery in demand. Second quarter net income fell to $4.39 billion, or 23.16 cents a share, from $9.36 billion, or 49.23 cents, in the year earlier period, London based BP said today in a statement. Excluding one time items and inventory changes, earnings beat analyst estimates. Almost two years into a turnaround led by Chief Executive Officer Tony Hayward, BP said estimated cost cuts would exceed an earlier target as it increased production to more than 4 million barrels a day.....Complete Story

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