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
SeaShare, a non-profit organization that facilitates donations of seafood to feed the hungry, announced on Wednesday, July 29 that it had partnered up with Alaska seafood companies, freight companies and the Coast Guard, to coordinate the donation and delivery of 21,000 pounds of halibut to remote villages in western Alaska.
On Wednesday, the Coast Guard loaded 21,000 pounds of donated halibut on its C130 airplane in Kodiak and made the 634-mile flight to Nome.Read more...
The New England Fishery Management Council is soliciting applications for seats on the Northeast Trawl Survey Advisory Panel and the deadline to apply is July 31 at 5:00 p.m.
The panel will consist of 16 members including members of the councils and the Atlantic States Fishery Commission, industry experts, non-federal scientists and Northeast Fisheries Science Center scientists. Panel members are expected to serve for three years.Read more...