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BP delays next phase of Gulf of Mexico project, Reuters reports

BP (BP) said it was delaying phase 2 of its "Mad Dog" project in the Gulf of Mexico since "the current development plan...is not as attractive as previously modeled, due largely to market conditions and industry inflation," reported Reuters, citing a company statement. Co-owners of the project include a subsidiary of Chevron (CVX) and BHP Billiton (BHP), the report noted.