Rita and Katrina knock more than 400m off BP's third-quarter profit
· Oil company's output falls by 145,000 barrels a day
· Bill for lost production and repairs could total $1.7bn
Hurricanes Katrina and Rita will blow a $700m（400m）hole in BP third-quarter profits and have knocked the world's second largest stock-listed oil company off course from its annual production targets.
A trading statement ahead of its official results revealed BP had lost 145,000 barrels of oil equivalents per day（boepd）over the three months to end September.
The figure could rise to 175,000 during the fourth quarter and impact on the first three months of 2006, leaving the total damage of lost production and repairs at almost $1.7bn. Shares in BP fell 2.5% to 656p as the City reeled at the scale of the financial damage caused by the storms that hit the US Gulf coast last month. Investment bank Goldman Sachs had predicted that third-quarter oil and gas production would average 4bn barrels of oil equivalents a day but BP reported a figure of 3.8bn after losing 145,000 barrels.
The oil company also lost output as a result of planned maintenance in the UK North Sea and elsewhere as well as a lower percentage from production-sharing contracts due to higher crude prices. Like other companies BP signs contracts with host governments that dictate a rate of financial return. When prices are high, BP has to reduce the amount of oil it can take from a particular field.