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Article: BP's incoming CEO needs to build trust with the City.
- Article from:
- Sunday Business (London, England)
- Article date:
- February 10, 2007
CopyrightCOPYRIGHT 2007 Sunday Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Richard Orange
Feb. 10--Chief executives relish a challenge but Tony Hayward, who succeeds John Browne at the helm of BP in July, will face more challenges than most. Fourth-quarter results, released on Tuesday, showed profits down 12 percent to $3.89bn ([pounds sterling]2.0bn, E3.0bn) compared with the same period in 2005. This was worse than any of BP's peers except ConocoPhillips.
Production has been hit by corrosion in pipes at Prudhoe Bay, Alaska, oil fields sold over the year and delays to the Thunder Horse platform in the Gulf of Mexico. The numbers took a further knock from increased spending on safety following the blasts in Texas two ...