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26/10/2004
'Strong trading environment' fuels huge BP profits surge
Oil giant BP, in a climate of spiralling prices, have posted a massive profits surge of $1.2 billion to top almost $4 billion for the third quarter.
BP saw net profits rise by 43% to £3.9 billion for the quarter, bringing the company a total mark of $12.5 billion so far this financial year.
The company put its buoyant performance down to a stronger trading environment fuelled by higher oil and gas prices, and higher refining and chemicals margins.
BP Group Chief Executive, Lord Browne, said that it had been "another strong performance against the backdrop of strong global demand".
"This has been a good quarter leading to strong distributions to shareholders with prospects of more good performance for the rest of this year," he added.
Oil prices for Brent Crude averaged $41.54 per barrel in the third quarter - over $6 per barrel higher than second quarter prices. Loss of US production following Hurricane Ivan, along with low inventories and limited spare capacity, propelled prices to record nominal highs in October, averaging almost $50 per barrel to date.
The outlook for the rest of 2004 will depend upon the rate of US production recovery after Hurricane Ivan and the strength of oil demand growth. Oil prices are considered to have an approximate support level of $30 per barrel for at least the medium term, with chances of spiking above this level, BP said.
The quarterly dividend of 7.10 cents per share was up from 6.5 cents per share a year ago.
During the first nine months, the company repurchased for cancellation 621 million of its own shares, at a cost of $5.5 billion. The increase in the dividend per share reflects the reduction in the number of shares outstanding due to the share buyback programme.
(gmcg/sp)
BP saw net profits rise by 43% to £3.9 billion for the quarter, bringing the company a total mark of $12.5 billion so far this financial year.
The company put its buoyant performance down to a stronger trading environment fuelled by higher oil and gas prices, and higher refining and chemicals margins.
BP Group Chief Executive, Lord Browne, said that it had been "another strong performance against the backdrop of strong global demand".
"This has been a good quarter leading to strong distributions to shareholders with prospects of more good performance for the rest of this year," he added.
Oil prices for Brent Crude averaged $41.54 per barrel in the third quarter - over $6 per barrel higher than second quarter prices. Loss of US production following Hurricane Ivan, along with low inventories and limited spare capacity, propelled prices to record nominal highs in October, averaging almost $50 per barrel to date.
The outlook for the rest of 2004 will depend upon the rate of US production recovery after Hurricane Ivan and the strength of oil demand growth. Oil prices are considered to have an approximate support level of $30 per barrel for at least the medium term, with chances of spiking above this level, BP said.
The quarterly dividend of 7.10 cents per share was up from 6.5 cents per share a year ago.
During the first nine months, the company repurchased for cancellation 621 million of its own shares, at a cost of $5.5 billion. The increase in the dividend per share reflects the reduction in the number of shares outstanding due to the share buyback programme.
(gmcg/sp)
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