Download
HTML Embed
HTML EMBED
Click to Copy

Latest Episodes

Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Download
HTML Embed
HTML EMBED
Click to Copy
Download
HTML Embed
HTML EMBED
Click to Copy
Download
HTML Embed
HTML EMBED
Click to Copy
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report

BP 3rd-quarter outlook: ‘dreadful’

Stephen Beard Sep 25, 2007
Share Now on:
HTML EMBED:
COPY

TEXT OF STORY

Doug Krizner: In Europe, stocks are lower, particularly energy shares. British Petroleum is down after the company’s CEO was quoted by the Financial Times saying third quarter revenue will be dreadful. How can that be with crude oil trading at $80 a barrel? Here’s Stephen Beard.


Stephen Beard: BP’s third-quarter revenues are “dreadful.” That, says The Financial Times, is the exact word the new chief executive used to describe the company’s performance.

Tony Hayward is reported to have told staff to expect a big shake-up. He apparently believes there are too many layers of management and poor communications. BP’s bottom line is still suffering, largely because of its problems in the United States.

Analyst Peter Kemp says BP’s refinery — or downstream — revenues are still being hit by the Texas City Refinery fire in 2005.

Peter Kemp: Across the whole portfolio in the U.S. — the downstream portfolio — they are having to introduce new methods and procedures and clean up their act.

BP has also lost money on the delay in production from new projects in the Gulf of Mexico. But the company expects revenues to improve towards the end of the year.

In London, this is Stephen Beard for Marketplace.

If you’re a member of your local public radio station, we thank you — because your support helps those stations keep programs like Marketplace on the air.  But for Marketplace to continue to grow, we need additional investment from those who care most about what we do: superfans like you.

Your donation — as little as $5 — helps us create more content that matters to you and your community, and to reach more people where they are – whether that’s radio, podcasts or online.

When you contribute directly to Marketplace, you become a partner in that mission: someone who understands that when we all get smarter, everybody wins.