BP results raise strategy questions

摘要

BP is sticking doggedly to its post-Macondo recovery strategy despite a sharp fall in second-quarter profits. The firm underperformed the other majors significantly in the second quarter, largely because of hefty asset write- downs in the US, but says it remains on track to deliver 50pc cash flow growth from last year’s levels by 2014 under a $100/bl oil price scenario (WPA, 10 February, p3). “I do not think that the company is losing its way,” chief executive Bob Dudley says. “You are seeing a company that has faced some tough conditions but is heading in the right direction in the long term.”