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07/02/2006
BP profits record on high oil prices
BP has reported a 25% increase in profits for the year mainly due to the rise in crude oil prices.
The oil giant reported a receord replacement cost profit for the year was $19.3 billion (£11.0bn) compared with $15.4billion (£8.7bn) in 2004.
Despite disruption of production due to hurricanes in the Gulf of Mexico, high fuel prices pushed BP's profits to a record level, though not beating Shell's £22.5bn profits revealed yesterday.
BP Group Chief Executive, Lord Browne, said: “Our 2005 result was a record; this reflects the quality of our asset base and operations." He concluded: “World economic growth has continued at near trend rates. In addition to sustained growth in the US and Asia, there has been an acceleration of activity in Europe; the near-term global outlook appears solid.
Lord Browne said that despite "large production losses" caused by hurricanes Katrina and Rita, prices had rebounded in December taking oil prices to around $60 a barrel in 2006.
He added that oil prices are expected to "remain strong."
BP's Texas City onshore refinery was hit, both by an explosion that killed 15 workers and by hurricanes Rita and Katrina. The facility was shut down for refurbishment.
Transport and General Workers Union General Secretary Tony Woodley hit out at the vast profits made by the oil company.
He said: "With BP's multi-billion profits based on rocketing oil prices there should be no doubt the oil companies have profited whilst our pensioners have suffered.
"If there is any justice in this world then a part of those excess profits should go towards helping those whose pensions have been robbed."
Lord Browne, however, said that profits were used to reinvest in the company, or given to shareholders which he said were the UK's pension funds.
The market was cool on the BP report and shares dipped on Tuesday morning to under 652p a fall of over 2%.
(SP/KMcA)
The oil giant reported a receord replacement cost profit for the year was $19.3 billion (£11.0bn) compared with $15.4billion (£8.7bn) in 2004.
Despite disruption of production due to hurricanes in the Gulf of Mexico, high fuel prices pushed BP's profits to a record level, though not beating Shell's £22.5bn profits revealed yesterday.
BP Group Chief Executive, Lord Browne, said: “Our 2005 result was a record; this reflects the quality of our asset base and operations." He concluded: “World economic growth has continued at near trend rates. In addition to sustained growth in the US and Asia, there has been an acceleration of activity in Europe; the near-term global outlook appears solid.
Lord Browne said that despite "large production losses" caused by hurricanes Katrina and Rita, prices had rebounded in December taking oil prices to around $60 a barrel in 2006.
He added that oil prices are expected to "remain strong."
BP's Texas City onshore refinery was hit, both by an explosion that killed 15 workers and by hurricanes Rita and Katrina. The facility was shut down for refurbishment.
Transport and General Workers Union General Secretary Tony Woodley hit out at the vast profits made by the oil company.
He said: "With BP's multi-billion profits based on rocketing oil prices there should be no doubt the oil companies have profited whilst our pensioners have suffered.
"If there is any justice in this world then a part of those excess profits should go towards helping those whose pensions have been robbed."
Lord Browne, however, said that profits were used to reinvest in the company, or given to shareholders which he said were the UK's pension funds.
The market was cool on the BP report and shares dipped on Tuesday morning to under 652p a fall of over 2%.
(SP/KMcA)
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Oil and petrochemical giant BP has reported profits of £8.7 billion ($16.2 billion) today, up 26% on the previous year, representing the biggest single increase in the group's recent history.
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Oil and petrochemical giant BP has reported profits of £8.7 billion ($16.2 billion) today, up 26% on the previous year, representing the biggest single increase in the group's recent history.
26 October 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.
'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.
10 June 2002
UK manufacturing goods price rise
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UK manufacturing goods price rise
The Office for National Statistics (ONS) have said that goods manufactured in the UK fetched slightly higher prices in May. The ONS said the price of goods leaving factory gates rose by 0.3% in May thanks to increases in tobacco, petroleum and other manufactured goods prices, however the annual rate fell to just 0.1%.
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10 December 2001
Further falls in price of UK manufactured goods
The Office of National Statistics have produced a report which shows that the price of goods manufactured in the UK have fallen in the last month. Between October and November the UK producer prices fell by 0.4 per cent, compared with a fall of 0.2 per cent between September and October.
Further falls in price of UK manufactured goods
The Office of National Statistics have produced a report which shows that the price of goods manufactured in the UK have fallen in the last month. Between October and November the UK producer prices fell by 0.4 per cent, compared with a fall of 0.2 per cent between September and October.
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