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BP seeking to boost profits by $3 billion/year

03/08/2010
By Paula Dittrick
BP PLC on Mar. 2 outlined its annual strategy presentation in which Chief Executive Tony Hayward said the company hopes to boost its profits before taxes by more than $3 billion/year within 3 years.Speaking to analysts, Hayward said BP forecasts its oil and gas production will grow by 1-2%/year on average during 2008-15 based upon oil prices of $60/bbl. Last year, BP said it produced 4 million boe/d, up 4% from 2008.Hayward sees more opportunities to improve operating and cost efficiencies in both upstream and downstream operations.He said a restructuring is under way in BP's exploration and production operations to centralize project management, improve cost efficiencies, and ensure what...
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