BP Concedes Problems with Operations
With its shares already stumbling, the British oil giant says refinery problems and rising costs will hurt third-quarter revenues
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BP conceded yesterday that its operational performance in the third quarter of the year has been severely damaged by a series of problems at the oil giant, but refused to comment on reports that it is planning to axe jobs and restructure its business.
The company said it had been hit by a decline in oil refining margins at a time when its two largest US refineries, in Texas City and Whiting, are operating significantly below full capacity. It has also been damaged by a fall in US gas prices, and rising costs.