Hayward to reveal BP's green shoots
Sunday 03 February 2008
BP chief executive Tony Hayward is this week expected to put the problems of a self-confessed "dreadful" 2007 behind him when he unveils the green shoots of recovery at the struggling oil major.
Fourth-quarter profits are expected to show a 10 per cent increase, with the company benefiting from the continued surge in the price of oil. Mr Hayward is also expected to reveal that production grew during the fourth quarter, reversing declines in the previous nine months.
Last September, Mr Hayward, who succeeded Lord Browne in May, unveiled plans to remedy the company's waning fortunes with a raft of new measures.
Richard Griffiths, oil analyst at Evolution Securities, said it was still too early to assess if the turnaround strategy was bearing fruit: "There are three pha-ses to BP's rehabilitation: new projects and recommissioning of its US refineries; operational performance; and reorganisation benefits. This process should take about 15 months. The company's plan could be another inflection point for BP's shares, as it was in 1992-93 and 1997-98."
BP's share price has endured a roller-coaster ride since the plans were unveiled, closing last Friday at 542p – down 106p since the start of the year.
Meanwhile, reports last week suggested that Russia's state-owned gas giant, Gazprom, will secure an agreement to buy a stake in BP's venture, TNK-BP, this summer.
BP's figures come days after rivals Royal Dutch Shell and Exxon revealed record profits of £13.9bn and £20.3bn.
Sales of the tablet are set to fall again, say analysts
Met Police confirm there was a 'minor disturbance' and that no-one was arrested
George Lucas criticises the major Hollywood film studios
Does Chris Grayling realise what a vague concept he is dealing with?
Trend which requires crisps, a fork and a strong stomach is sweeping Mexico's streets
Parties threaten resort's image as a family destination
I Am Bread could actually be a challenging and nuanced title
- 1 Indian footballer Peter Biaksangzuala dies after injuring spine doing somersault celebration
- 3 Drink alcohol and eat meat to improve male fertility - but cut down on coffee, studies suggest
- 5 Lynda Bellingham dead: Loose Women presenter dies after battle with colon cancer
Banksy arrest hoax: Internet duped by fake report claiming that the street artist's identity has been revealed
'Russian submarine spotted' by Swedish military off coast of Stockholm
Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
Hurricane Gonzalo: When will it hit the UK and how strong will it be?
Oscar Pistorius sentence: Athlete's wealth and notoriety provoke an overdue debate on South African prisons
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Sorry Judy Finnigan – Ched Evans is no less sickening than an alleyway rapist
Residents should throw a street party and mix with immigrant neighbours, councils told
Workers 'could be forced to pay £5 a week' to get benefits
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver allegedly kicks gay couple off for kissing
iJobs Money & Business
£18 - 23k + Benefits: Guru Careers: We are seeking a Customer Service Executiv...
£60 - 65k + Benefits: Guru Careers: We are seeking a ASP.NET Web Developer / ....
£60,000 - £80,000: Saxton Leigh: Our client is an leading Asset Manager based...
£27000 - £32000 Per Annum: Clearwater People Solutions Ltd: Our large charity ...