BP posts lower production levels in 4Q

01/09/07 - newratings.com

LONDON, January 9 (newratings.com) – UK-based oil and gas giant BP Plc (BP.-GBX) Tuesday reported a 5% decline in its fourth quarter output due to start up delays in the Gulf of Mexico and reduced crude flow at its Prudhoe Bay field in Alaska.

London-based BP reported fourth quarter output of 3.82 million barrels a day of oil and gas, down from 4.02 million per day produced in the year-ago quarter. The drop in the company’s output marked the sixth consecutive quarter of decline. BP’s full year production now stands at 3.92 million boepd, down 2.3% from the 2005 level. The oil giant said that weather-related delays in Alaska, unusually low seasonal gas demand and OPEC quota restrictions also restricted its production levels during the latest quarter.