BP benefit from the soaring oil and Gas price

From: Clive Denton

Date: 2008-07-29 20:55:03

BP reported the biggest-ever quarterly profit for a British company   29 Jul 2008   Soaring oil and gas prices helped push underlying net profit up 56 per cent to $8.6bn (£4.3bn) in the second quarter. BP’s quarterly profit will remain the UK’s biggest ever if, as expected, Royal Dutch Shell reports an underlying net profit of about $8.3bn tomorrow.   Read Full Report   BP boss warns of more pain for consumers from oil prices29 Jul 2008 *BP boss Rubs it in the faces of all its customers by warning of more pain for consumers from oil prices after announcing record quarterly profits. The chief executive of BP, Tony Hayward, has warned that the long term trend for oil and gas prices spells more pain for consumers. Earlier this year, Mr Hayward said that the era of cheap energy was over, at least for the medium term. Today he added: “Events are playing out even faster than any of us expected.” Despite the crude price falling from recent record highs, the boss of Britain’s biggest company said that there was “an increasing likelihood that oil and gas prices will be stronger for longer. Read Full Report

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