BP pledged to increase its pre-tax profitability by more than $3bn over the next three years, as the oil company said its financial performance is failing to reflect its assets.
Published: 2:00PM GMT 02 Mar 2010
In an annual update to City analysts, BP chief executive Tony Hayward said that "the challenge and the opportunity for us is that while our portfolio ranks amongst the best in the industry, our financial performance has yet to fully reflect this."
The company, which recently eclipsed Royal Dutch Shell as Europe's largest oil company, plans to lift its annual output by an average of between 1pc and 2pc over the next five years.
Mr Hayward also indicated that BP would extend the aggressive, $4bn cost-cutting the company has enforced to counter a global slowdown in demand.
Overcapacity has dogged the refining operations of both Shell and BP, which told analysts that it wants to ensure its "refining operations can be profitable even in depressed conditions like those the industry faced in 2009."
BP saw profits fall 45pc to $14bn last year, on revenues down to £246bn from £367bn. Shares in the company have risen 41pc in the past 12 months.