BP Takes It Slow and Steady

Stung by recent missteps, the oil and gas giant will adopt a more cautious approach and reduce production targets, incoming CEO Tony Hayward says

We have been burned, and we're turning conservative. That was the message communicated by results and comments from the once-swashbuckling, wheeling-and-dealing BP on Jan. 6. In one of his first public appearances since being tapped as CEO designate, Tony Hayward announced a sharp paring back of BP's future production estimates, while also sounding a note of caution on deals.

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