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BP Shares Fall on Announcement That Company Will Miss 2002 Production Targets.
Knight Ridder/Tribune Business News, September, 2002
By Stephanie Bentley, Daily Mail, London Knight Ridder/Tribune Business News
Sep. 5--BP shocked investors by admitting it will miss oil and gas production targets this year after setbacks that will clip UKpound 30 million off profits. The news wiped UKpound 4.8 billion off the value of the company.
The shares tumbled 16 1/2 pence to 451 1/2 pence on disappointment that BP boss Lord Browne has broken an unblemished growth record.
"It's a minor embarrassment," said Tony Alves at Investec. Only a month ago BP said it would meet the 5.5 percent target, now expected to be between 4.5 - 5 percent.
The oil giant, Britain's biggest company, stressed its long-term target of 5.5 percent compound annual growth, averaged over 2000-2005,...
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