BP raises asset sales target as profit dips less than expected

BP, the operator of the Gulf of Mexico well that caused the worst ever US oil spill last year, said profit declined less than expected as it increased an asset sales target 50% to $45 billion (€32.3bn).

Third-quarter earnings adjusted for one-time items and changes in inventory were $5.3bn, down from $5.5bn a year earlier. The average estimate of 12 analysts surveyed by Bloomberg was for profit of $5bn on that basis. Oil and gas production fell 12% from a year earlier to 3.3 million barrels of oil equivalent a day.

Chief executive Bob Dudley plans to increase the company’s cash flow by 50% by 2014 by focusing on the most profitable production projects. The higher asset sales target includes the disposal of half of its US refining capacity.