" />
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!  

Make connections via our GROUPS page.
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.


Why Peak Oil Refuses to Die

Peak oil and climate change are two sides of the same coin. The coin itself …

Peak Oil Review - Sept 1

A weekly review including: Oil and the Global Economy, The Middle East & …

A Big Summer Story You Missed: Soaring Oil Debt

Last July the government agency, which has collected mundane statistics on …

Global Biofuels Status Update

Today I want to take a deep look at the global biofuels picture, drawing …

Peak oil notes - August 28

A mid-week update. Oil prices have been quiet this week trading around the …

Update on US natural gas, coal, nuclear, renewables

On August 6, I wrote a post called Making Sense of the US Oil Story, in …

The Peak Oil Crisis: When?

 The key question is just how many more months or years will production …