BP Reports $7.3 Billion Profit in 2nd Quarter

[Aviation Pro]

LONDON (AP) -- Oil company BP PLC reported Tuesday its net profit rose 30 percent in the second quarter, as soaring world oil prices counterbalanced lower oil and gas output. Chief Executive John Browne also announced that he would step down at the end of 2008.

BP, one of the world's largest oil companies, posted a net profit of $7.3 billion for the three months ending June 30, up from $5.6 billion a year earlier. Revenue rose 24 percent to $73.5 billion from $59.3 billion.

Clean replacement cost net profit -- which excludes exceptional items and the impact of changes in crude inventories -- came to $6.1 billion for the second quarter, up 5 percent. That topped the $5.98 billion expected by analysts.

Profits were boosted by rising oil prices, with the average price of a barrel of Brent, a key U.K. North Sea crude benchmark, rising 35 percent to $69.50 in the second quarter.

Linking to the article you can read further how this "good news" has affected other organizations. These rapacious energy companies need to be brought to heel along with their minions.


http://www.nytimes.com/aponline/business/AP-Earns-Britain-BP.html?ei=5094&en=6a66f7c3309a243d&hp=&ex=1153886400&partner=homepage&pagewanted=print

[liberal N proud]

1. This is just obscene - Oil companies record profits while gas prices soar

And no one at the in-justice department thinks there is anything wrong with this?
:wtf:

[tridim]

2. According to my TeeVee, BP stands for "Beyond Petrolium"

Apparently they are "so much more" than just a heartless oil company making obscene profits at the expense of human life. We should all just fold up and admit that BP is really looking out for humanity and the health of our environment. We love our fascist corporations. We love our leaders!

Double plus :sarcasm:

[4dsc]

3. Look for another GREEDY golden parachute

Chief Executive John Browne also announced that he would step down at the end of 2008.

Any bet's this golden parachute is worth $100's of millions??