By CHIP CUMMINS
July 26, 2006; Page A2
LONDON — Fighting to boost confidence in its incident-prone U.S. businesses, BP PLC said it will increase spending on safety and engineering integrity at its American refineries and Alaskan oil operations; order an independent audit of its trading operations; and form an outside advisory panel to help steer the company’s American unit.
BP announced the moves yesterday at the same time it reported a 30% jump in earnings, which were helped by higher oil and natural-gas prices but crimped by high taxes and costs. The moves come after a series of accidents and compliance failures in the U.S., including several deadly refinery accidents, an Alaskan oil spill and alleged trading shenanigans.
Also, John Browne said he would stay on as chief executive until the end of 2008. At a news conference in London, he denied recent speculation in the British press that he and Peter Sutherland, BP nonexecutive chairman, had clashed about the timing of his retirement, which the company and Lord Browne have long said would coincide with his 60th birthday in 2008. It was the first time Lord Browne had set a specific date for his retirement, saying Dec. 31, 2008, is “a nice calendar date.” read more
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