By JANE WARDELL(AP)– 36 minutes ago LONDON — BP PLC pledged Tuesday to boost its annual pretax profit by more than $3 billion over the next two to three years, with plans for scores of new projects to counter declining output from existing oil and gas fields.
The company said it expects to lift oil and gas production by an average of between 1 and 2 percent over the next five years and that it was increasingly confident of further growth to the end of the decade. Chief Executive Tony Hayward said BP needed to work harder to utilize its assets in the face of depressed global refining margins. He acknowledged that the company still has "some catching up to do" relative to the performance of its peers.
Full Story: BP seeks $3B boost to pretax profit - The Associated Press
The company said it expects to lift oil and gas production by an average of between 1 and 2 percent over the next five years and that it was increasingly confident of further growth to the end of the decade. Chief Executive Tony Hayward said BP needed to work harder to utilize its assets in the face of depressed global refining margins. He acknowledged that the company still has "some catching up to do" relative to the performance of its peers.
Full Story: BP seeks $3B boost to pretax profit - The Associated Press
