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Daily Telegraph: BP profits drop on production declines

By Richard Blackden
Last Updated: 7:48am BST 24/07/2007

A decline in production has hit profits at oil giant BP despite an increase in crude oil prices during the second quarter.

Profits dropped to $6.08bn in the second quarter from $6.11bn in the same period in 2006.

BP, whose results kick off the reporting season for the oil majors, lost production capacity at plants in Indiana and Texas. Production was also disrupted at its refinery in Whiting, the largest in the midwest of America, because of maintenance work.

Analysts at Lehman Brothers said of 2007: “We continue to believe that 2007 is a year of consolidation for BP and are still awaiting evidence of an operational turnaround that the company is focused on delivering.”

Shares in BP are up 6pc so far this year compared with a 13pc gain for rival Shell.

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/07/24/bcnbp124.xm

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