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BP disappointed in downstream performance
02/18/2008
BP PLC is seeking to improve the financial performance of its refining and marketing assets, said BP Chief Executive Tony Hayward Feb. 5 while discussing companywide 2007 financial results.“Although our fourth-quarter profits were very disappointing in refining and marketing in particular, we made good, step-by-step progress in bringing new oil and gas fields on stream and rebuilding refining capacity during the period,” Hayward said.Hayward also said that BP plans to cut 5,000 jobs companywide by mid-2009, and he believes the company can reduce corporate overhead by 15-20%. Speaking during a webcast from London, he called BP’s downstream performance “unacceptable&...
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