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BP’s profits boosted by higher oil prices

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BP has unveiled a record $6.1bn (£3.3bn) second-quarter profit as continuing high oil prices more than compensated for a drop in production.

The figure for the three months to 30th June represents a 23% rise on the same period in 2005 and beats the $6bn predicted by analysts, although there was some disappointment in the industry at the announcement.

“These are awesome figures, but I was expecting something even better,” said City analyst Colin Perry.

“Rising costs ate into some of the profit margin and these will be a factor as we go on into 2007 and the opening of the new Thunder Horse Platform in the Gulf of Mexico.”


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