BP sees slump in profits

Oil giant BP suffered a 45% fall in profits today as production problems continued to blight the business.

The firm's third-quarter profits of $3.87bn (€2.7bn) came in below analysts' expectations, after ongoing problems at its US refineries.

The City had been braced for the poor results after new chief executive Tony Hayward reportedly described BP's operating performance as "dreadful" last month.

Operational difficulties at its Whiting refinery - as well as higher maintenance and repair charges - saw profits from BP's refining and marketing division slump from $1.5 (€1bn) to just $376m (€264.9m).

Despite the poor results, BP hopes to have both its Whiting and Texas City refineries running at full capacity in the first half of next year.