BP records production increase in second quarter |
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Wed, 06 Jul 2005 06:05
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LONDON: World's No 2 oil company BP Group PLC said its oil and natural gas production increased by 3.5 per cent in the second quarter of the current fiscal. The company maintained on Tuesday it is well on its way to meet its 2005 production target of 4.1 million to 4.2 million barrels of oil equivalent per day (mboepd).
In an announcement here, the company said its second quarter production is around an average of 4.1 million barrels per day compared with 3.97 million barrels per day in the corresponding 2004 quarter. Excluding output figures for the company's joint venture in Russia, TNK-BP, the production was 3.135 million barrels per day.
The company said it benefited from increasing global oil prices. The price of Brent crude went up from $47.62 per barrel in the first quarter to $51.63 per barrel in the second quarter. Gas prices too went up to $6.74 per million British thermal unit from $6.27 in the first quarter.
BP will provide for a quarterly charge for its "other businesses and corporate" of between $175 million and $275 million, a charge of $500 million on marking to market embedded derivatives and an undisclosed charge for the explosion and fire at its Texas City refinery in March.
The operating profits on the basis of these figures should go up by $1.31 billion in the second quarter from the first quarter.
The company's oil fields in the Gulf of New Mexico, Trinidad and Angola (which is operated by Exxon Mobil and in which BP has a holding) will become productive in the fourth quarter, a company spokesperson said.
The company said liquids and gas prices increased in line with marker prices and its global indicator margin rose to $8.42 a barrel from $8.28 a barrel.
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