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Reply To: BP reduces Spending target 2nd time after 64% slump Profits 1Q0

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#6136

Charles Randall
Participant

Here is Update on Earnings/Profit & Project Spending from Refining sector 1Q09 results. It is showing that BP is taking second reduction on Project spending in light of the 64% slump in 1Q09 earnings (even though they beat analysts expectations) which seem to be on par with other companies like Shell & ENI.
 
A reliable source indicated at BP Texas City some 400 of 2200 workers had elected to take early retirement because the current low interest rates are yielding high lump sum values that they cannot pass up – especially in the current bad Refinery economic environment.
 
Also heard that the BP Whiting $100M FCC turnaround had been extended from 65 days to 95 days.

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