Browne warns of tough times as BP reveals disappointing profits

Lord Browne of Madingley, BP’s chief executive, gave warning of a difficult trading environment as he revealed disappointing underlying profits at Britain’s largest company.

The BP chief gave a bearish outlook for the oil and gas sector: “Overall, the trading environment is now weaker than it has been for the last five quarters. Of particular note is the significant reduction of global gas prices in the face of significant supplies, along with weak demand.”
Lord Browne said he was not expecting a crash but moderation rather than ever-increasing prices. He said: “It is interesting to note how much investment is going into the exploration and production business. One day that will be turned into oil production.”

The Times