BP’s profits boosted by higher oil prices
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.”