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| Version 4 | Version 5 |
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| Higher safety costs hit BP profit | Higher safety costs hit BP profit |
| (about 3 hours later) | |
| BP's latest profits have fallen 12% after it was hit by the declining price of oil and increased safety spending. | BP's latest profits have fallen 12% after it was hit by the declining price of oil and increased safety spending. |
| The oil giant made a profit of $3.9bn (£2bn) in the last three months of 2006, down from $4.4bn a year earlier. | The oil giant made a profit of $3.9bn (£2bn) in the last three months of 2006, down from $4.4bn a year earlier. |
| BP's higher safety spending comes after criticism into its operating standards in the US following a fatal explosion at its Texas City refinery in 2005. | BP's higher safety spending comes after criticism into its operating standards in the US following a fatal explosion at its Texas City refinery in 2005. |
| For 2006 as a whole, BP's profits rose 15% to $22.3bn, lifted by higher oil prices in the first half of the year. | For 2006 as a whole, BP's profits rose 15% to $22.3bn, lifted by higher oil prices in the first half of the year. |
| 'Operational issues' | 'Operational issues' |
| "We remain committed to addressing the recent operational issues while executing our strategy with discipline and focus," said BP's outgoing chief executive Lord Browne. | "We remain committed to addressing the recent operational issues while executing our strategy with discipline and focus," said BP's outgoing chief executive Lord Browne. |
| BP must be relieved that along with these numbers 2006 can finally be consigned to history Analyst Richard Hunter Check BP's share price | BP must be relieved that along with these numbers 2006 can finally be consigned to history Analyst Richard Hunter Check BP's share price |
| BP announced last month that Lord Browne would be retiring at the end of July, 18 months earlier than originally planned. | BP announced last month that Lord Browne would be retiring at the end of July, 18 months earlier than originally planned. |
| He is being replaced by Tony Hayward, who is currently head of exploration and production at BP. | He is being replaced by Tony Hayward, who is currently head of exploration and production at BP. |
| BP's results are calculated on the basis of replacement cost, which reflects the current cost of supplies and is widely seen as the best measure of an oil firm's underlying performance. | BP's results are calculated on the basis of replacement cost, which reflects the current cost of supplies and is widely seen as the best measure of an oil firm's underlying performance. |
| Lord Browne has led BP for 11 years | Lord Browne has led BP for 11 years |
| Analyst Richard Hunter of Hargreaves Lansdown Stockbrokers said the decline in profits was expected. | Analyst Richard Hunter of Hargreaves Lansdown Stockbrokers said the decline in profits was expected. |
| "BP must be relieved that along with these numbers 2006 can finally be consigned to history," he said. | "BP must be relieved that along with these numbers 2006 can finally be consigned to history," he said. |
| "The market will now hope that the departure of Lord Browne will enable a line to be drawn in the sand, so that the company can move forward." | "The market will now hope that the departure of Lord Browne will enable a line to be drawn in the sand, so that the company can move forward." |
| Looking ahead, BP cautioned that it expects oil production to fall slightly in 2007. | |
| It forecasts that it will produce between 3.8 and 3.9 million barrels of oil per day this year, compared with 3.93 million in 2006. | |
| BP's shares were down 2% in early afternoon trading on Tuesday. | |
| US-wide problems | US-wide problems |
| The 2005 explosion at BP's Texas City refinery killed 15 people and injured 180. | The 2005 explosion at BP's Texas City refinery killed 15 people and injured 180. |
| The Texas City blast caused huge damage | The Texas City blast caused huge damage |
| Last month's independent report into the blast, led by former US Secretary of State James A Baker, found that while BP emphasised personal safety, it was weak on process safety. | Last month's independent report into the blast, led by former US Secretary of State James A Baker, found that while BP emphasised personal safety, it was weak on process safety. |
| The report said the problem existed at all five of BP's US refineries. | The report said the problem existed at all five of BP's US refineries. |
| BP said it would implement the report's recommendations, adding it had taken significant steps to improve safety. | BP said it would implement the report's recommendations, adding it had taken significant steps to improve safety. |
| The firm has also faced criticism for leaks last year at its Alaskan operations. | The firm has also faced criticism for leaks last year at its Alaskan operations. |