Written by Jen Finn
LONDON — BP PLC posted Tuesday a 72% drop in profit for the fourth quarter as its oil and gas production continued to fall and it agreed to pay billions of dollars in fines to the U.S. government, a performance that analysts said showed the company is still struggling to recover from the Deepwater Horizon oil spill.
The results, which come as the company faces the start of a trial on Feb. 25 that will determine whether it faces billions of dollars more in civil penalties for the spill, underscore how BP's promised turnaround from the disaster in the Gulf of Mexico almost three years ago is proving elusive.
BP Chief Executive Bob Dudley said the company passed many milestones in 2012, including selling assets and starting up new projects, which have laid a solid foundation for growth.
"We will continue to see the impact of this reshaping work in our reporting results in 2013. By 2014, I expect the underlying financial momentum to be strongly evident," Mr. Dudley said.
BP said it started up five major new oil and gas projects last year and expects to bring four more—in Angola, Australia, the Gulf of Mexico and Azerbaijan—into production by the end of this year.
However, the company's total oil and gas production still fell by 7% to 2.29 million barrels of oil equivalent a day in 2012 and is expected to fall again 2013, mainly as a result of the sale of oil-producing assets to cover the cost of the Gulf spill.
Excluding one-off gains and losses from asset sales or fines, BP's profit was above expectations, but its operating performance was still bumping along the bottom, analysts said.
Read the full story at the Wall Street Journal>>
National Fisherman Live: 3/10/15
In this episode, Online Editor Leslie Taylor talks with Mike McLouglin, vice president of Dunlop Industrial and Protective Footwear.
National Fisherman Live: 2/24/15
In this episode:
March date set for disaster aid dispersal
Oregon LNG project could disrupt fishing
NOAA tweaks gear marking requirement
N.C. launches first commercial/recreational dock
Spiny lobster traps limits not well received
The Gulf of Maine Research Institute is partnering with restaurants throughout the region for an Out of the Blue promotion of cape shark, also known as dogfish. Starting Friday, July 3 and running until Sunday, July 12, cape shark will be available at each participating restaurant during the 10-day event. Cape shark is abundant and well deserving of a wider market.
As a joint Gulf of Mexico states seafood marketing effort sails into the sunset, the program’s Marketing Director has left for a job in the private seafood sector. Joanne McNeely Zaritsky, the former Marketing Director of the Gulf State Marketing Coalition, has joined St. Petersburg, FL based domestic seafood processor Captain’s Fine Foods as its new business development director to promote its USA shrimp product line.