Financial Times: BP spells out losses from hurricanes
“Royal Dutch Shell, BP’s Anglo-Dutch rival, has suffered extensive damage at its Mars platform, of which BP also owns 28.5 per cent. Shell hopes to have 60 per cent of its usual 450,000 barrels a day of production back on line by the end of the year, though it may not be producing from its Cognac field again until next year. Mr Lanstone calculates that Shell is likely to have lost at least 100,000 barrels a day of production this quarter because of the hurricanes, and 60,000 barrels a day of refined output.”
Wednesday 5 October 2005
By Thomas Catan and Carola Hoyos
Published: October 5 2005
BP on Tuesday became the first big oil company to put a price on the hurricanes that have ravaged the Gulf of Mexico in recent weeks.
Its loss of 145,000 barrels of oil equivalent a day in production was double the amount expected by some analysts, and means the company will miss its production target of 4.1m to 4.2m barrels of oil equivalent a day, set out in February.
The problems at the world’s second-biggest oil company by market value sent shock waves through the industry, deepening concern of the impact on rivals.