" />
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.


California Offshore Oil Fracking Permits Halted While Federal Government Performs Environmental Review

The U.S. federal government will stop approving offshore oil fracking …

Peak Oil Review - a Midweek Update - Feb 4

 A midweek update. Price volatility increased this week with oil …

Renewables Could Outcompete Costly, Risky LNG, Investors Warned

A new industry report warns investors, governments and regulators that …

State of The Transition: Oil Oversupply, Shale Bankruptcies, Gas Leaks, and a Whiff of Securities Fraud

There is bad news everywhere for the oil and gas industry.

Once Unstoppable, Tar Sands Now Battered from All Sides

Is this the beginning of the end for the tar sands juggernaut?

Peak Oil Review - Feb 1

 A weekly roundup of peak oil news, including: -Quote of the week -Oil …

"Occupied" Norway a window into our fossil fuel addiction

Okay, I admit that the premise of Norwegian television's new political …