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Can you feel their pain?? BP profits soar on record oil price - Think they care about our pain at the pump??
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BP profits soar on record oil price
By Sylvia Pfeifer
Published: July 29 2008 08:33 | Last updated: July 29 2008 14:52
Record crude prices and soaring natural gas prices helped BP on Tuesday to report a 28 per cent rise in second-quarter profits to $9.46bn (£4.74bn), from $7.37bn a year ago.
Replacement cost profit, which excludes gains from the value of the company’s crude oil inventories, was up 6 per cent to $6.85bn for the quarter. It rose 23 per cent to $13.44bn for the second half.
The company has been locked in a bitter battle for control of its Russian joint venture, TNK-BP, which accounts for almost a quarter of BP’s worldwide production.
BP’s Russian partners have demanded the dismissal of Robert Dudley, who heads up TNK-BP, who they say is treating the venture as a subsidiary of BP. Mr Dudley fled Russia last week to run the business from a secret location abroad.
In its results statement, BP warned that while it continued to work to resolve these matters, “currently it is not possible to predict the ultimate outcome if these matters remain unresolved”.
Meanwhile, the company said production for the second quarter was broadly flat compared with the same period in 2007, at 3.83m barrels of oil equivalent per day. BP is counting on the start-up of the long-delayed Thunder Horse field in the Gulf of Mexico to boost output in the coming months.
Profits at the company’s refining division collapsed from $2.7bn to $539m. The company said higher energy costs continued to hit the division’s profits, especially in the US.
BP said it would pay a dividend of 14 cents a share for the quarter, up from 10.825 cents.
[link to www.ft.com]
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