BP admit: We'll miss our targets

12 April 2012

BP shares, rattled by lower oil and gas prices and plunging profits, dived by more than 5% in late stock market trading today as it warned it will miss a self-imposed 5.5% a year increase in production targets.

In a trading update, BP catalogued a month-long run of bad luck that will see output rise for the year between only 4.5% and 5%.

Britain's biggest company said the recent explosion at an oil well in Alaska and last month's shutdown of the Schiehallon field in the North Sea will hit production for the rest of the year.

Additionally, the closure of a UK-Europe gas interconnector and constraints on gas exports out of the US will also limit third-quarter production growth to 5%.

The shares, already down 25% this summer, fell 16 1/2p to 451 1/2p.

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