BP to Boost Profits by $3 Billion, Sees Rising Output |
| BusinessWeek - Mar 2, 2010 |
BP Plc, vying with Royal Dutch Shell Plc as Europe’s largest oil company, plans to increase annual pre-tax profitability by $3 billion over the next two to three years by bolstering production and cutting costs.
BP will increase average annual oil and gas output by 1 to 2 percent through 2015, the company said in a strategy update today in London. Most of the increased profitability will come from making the refining and marketing business more efficient. The company will centralize exploration and production project management to save money, it said.
“The challenge and the opportunity for us is that while our portfolio ranks amongst the best in the industry, our financial performance has yet to fully reflect this,” Chief Executive Officer Tony Hayward said in a statement. “There is now a real opportunity to make our portfolio work harder for us, and we intend to do just that.”
Read Full Article from BusinessWeek
- Posted: 2010-03-02 10:40:36
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