BP Posts Positive Results
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Wednesday, 28 October 2009 |
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Bigger-than-expected cost savings, following an efficiency drive by
chief executive Tony Hayward, have now been reflected in the BP
performance and results which were apparently a surprise to the
financial markets.
With costs already three billion dollars (£1.84 billion) lower than
last year, BP revised its annual target for the second time in three
months, to 4 billion US dollars (£2.45 billion). BP reduced
headcount by 3,000 last year and is set to lose another 5,000 posts by
the end of 2009.
Some of the improved cost savings have been due to currency exchange
benefits, while BP has also been negotiating better terms with
suppliers. Production for the quarter was 7% higher than the same
period a year ago, mainly due to a stronger operational performance and
the absence of hurricanes, which impacted on output in 2008.
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