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BP forecasts says production fell 5.4 percent in third quarter

BP forecasts says production fell 5.4 percent in third quarter

BP PLC, which was forced to cut production at its Alaskan oil fields following a pipeline leak in August, said Wednesday third-quarter production fell 5.4 percent compared with the previous three months.
The company produced 3.8 million barrels of oil equivalent per day in the third quarter, compared with 4.02 million in the second quarter and 3.824 million in the same period last year, BP said in a statement.
"This reduction reflects the impact of divestments, maintenance and operational downtime," the company said.
BP cut production in half at its Prudhoe Bay field in Alaska, which normally produces 450,000 barrels a day, following the pipeline leak in August.
The company said Tuesday production at Prudhoe Bay has bounced back to 350,000 barrels per day.
BP shares were down 0.7 percent at 564.5 pence (US$10.66; euro8.36) in morning trading on the London Stock Exchange. BP shares have fallen 20 percent since April.
The trading update "does little to allay the general malaise surrounding the company," said Richard Hunter, head of U.K. equities at Hargreaves Lansdown stockbrokers. "The silver lining is that BP remains an oil behemoth in global terms, and its strong cashflow can be matched by few of its competitors."
"Its sheer size in many ways enables it to withstand the current problems," Hunter added.
Kepler Teather & Greenwood Merrion analysts said in a research note that BP will struggle to meet its full-year target of producing 4.1 million to 4.2 million barrels of oil a day, but that the company was on course to produce more than 4.88 million barrels of oil a day in 2010.
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http://www.bp.com


Updated : 2021-05-16 00:40 GMT+08:00