BP to Review Output

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BP to Review Output

10/30/2002
LONDON -- BP plc, operator of nearly 5,000 convenience stores in the United States, is reviewing its future output growth targets following a third cut in eight weeks in its forecasts for 2002.

"It is clear from our experience this year that we lack the degree of headroom in our plans that would allow us to absorb problems of the type and on the scale that we have encountered," the London-based oil company's Chief Executive John Browne told a news conference yesterday.

Browne also said that meeting the current 5.5 percent growth target for the five years to 2005 was possible but would cost an extra $1 billon per year. "The key question we are now asking ourselves is: 'Should we?'"

BP earlier cut its oil and gas output forecast for 2002 for the third time since early September as it reported a 13 percent drop in third-quarter earnings to $2.29 billion.