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BP profits hit record $13.4bn on soaring oil price

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Robin Pagnamenta
London Times
Tuesday, July 29, 2008

BP, the British oil giant, unveiled a 23 per cent rise in profits this morning, boosted by record global crude prices.

Replacement cost profit, which strips out unrealised gains from changes in the value of fuel stocks, hit a record $13.44 billion (£6.7 billion) during the first half of the year, up from $10.93 billion a year ago.

During the second quarter to June 30 2008, profits rose from $6.48 billion to an all-time high of $6.85 billion.

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Despite the record result, the company said that it was struggling to restore earnings from its troubled US refining division and offered little news on TNK-BP, its Russian joint venture.

BP is currently engaged in a row with its Russian joint-venture partners over control of TNK-BP, and last week its chief executive, Robert Dudley, fled Moscow and is running the business from a secret location.

Today’s results showed that the bulk of gains were derived from BP’s exploration and production division, which benefited from “higher oil and gas realisations” during the period.

  • A d v e r t i s e m e n t

Oil prices averaged more than $120 a barrel in the second quarter, nearly twice the level during the same period of 2007. Crude touched an all-time high of $147 per barrel just a few days after the end of the quarter, on July 11.

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This article was posted: Tuesday, July 29, 2008 at 4:09 am

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