BP PROFITS SOAR TO ?6.4BN
COMMENTARY ARCHIVES, 30 October 2008
by Julia White for express.co.uk
OIL giant BP today [Oct/28] announced a whopping £6.4bn third-quarter profits as the firm cashed in on record high prices.
The company’s huge haul for the July-September period is a huge 148 per cent above the same period last year.
Its profits came as crude oil prices hit a new peak above 147 US dollars a barrel in mid-July.
They are likely to spark fresh protests from motorists and businesses who have felt the pain at the petrol pump this year.
Oil prices have since fallen by more than half their July peak to just above 60 dollars a barrel as global recession fears mount.
BP chief executive Tony Hayward said: “Although it has since fallen away sharply, the high oil price of the third quarter obviously helped our absolute result.”
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