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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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