" />
Building a world of
resilient communities.

MAIN LIST

 

Oil prices help BP boost profits

Oil giant BP has reported a 23% rise in quarterly profits, thanks to a "robust trading environment".

Recent high oil prices helped BP boost net profit for the three months to June to $3.9bn (£2.1bn), from $3.2bn for the same period last year.

For the first half of 2004 overall, its profits were up to $8.6bn from $7.2bn.

The figures came in at the bottom of market expectations. But BP said it was well on track, and would be continuing with its share buy-back programme.

Production increasing

The firm added that it expected oil prices to remain high because of continued strong demand and constraints on capacity.

Analysts had forecast that BP would report second-quarter profits of between $3.9bn and $4.5bn.

"This has been another strong performance against the backdrop of a robust trading environment," said BP chief executive Lord Browne.

BP's oil production increased by 18% in the second quarter, compared with a year earlier, led by its interests in Russia.

Looking ahead Lord Browne said he believed oil prices would remain near recent 20 year highs.

"Oil prices should remain supported by limited spare OPEC production capacity and further oil demand growth," he said.

Despite BP's profits coming in at the bottom of expectations, Peter Hitchens, an analyst at Cheuvreux, said BP's prospects remained good.

"BP's future looks bright," he said.

BP is the first major oil company to report its second quarter and half year results, to be followed this week by Exxon and Shell.

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Find out more about Community Resilience. See our COMMUNITIES page
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

 

This is a community site and the discussion is moderated. The rules in brief: no personal abuse and no climate denial. Complete Guidelines.


Former Inspectors Describe Dangerous Flaws in Construction of Major East Coast Gas Pipeline

In April, a massive explosion ripped through rural Salem Township, …

Northwest Tribes Band Together to Stop Oil-by-Rail

There’s no such thing as a good place for an oil-train derailment, but …

The Role of Development Banks in Energy Transition  

Multilateral Development Banks (MDBs) like the World Bank, the African …

Peak Oil Review - July 18 2016

 A weekly roundup of peak oil news, including: -Oil and the global …

M. King Hubbert and the future of peak oil

A new biography reveals the man most associated with the idea of peak oil to …

Hooked! The Unyielding Grip of Fossil Fuels on Global Life

Here’s the good news: wind power, solar power, and other renewable …

Peak Oil Review: A Midweek Update - 14 July 2016

A midweek update. Oil prices were up on Tuesday after OPEC released a …