BP and Shell's profits up on record oil prices

[OhioChick]

Source: Bloomberg

7:42am BST 29/04/2008

Royal Dutch Shell and BP, Europe's two largest oil companies, both saw first quarter profits jump thanks to record crude prices and higher natural gas prices.

Shell's first quarter profits rose 25pc to $9bn, while BP's profit soared to $7.6bn from $4.6bn in the same period.

Oil touched $100 for the first time in early January and reached $111.80 a barrel in March as a falling dollar spurred investors to buy commodities, while natural gas increased 22 percent on average in the first quarter.

The rising oil price squeezed refining profits as it outpaced gains for processed fuels such as gasoline and diesel. Crude touched a record $119.93 yesterday.



Read more: http://www.telegraph.co.uk/money/main.jhtml?view=DETAILS&grid=&xml=/money/2008/04/29/bcnshell129.xml

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Simply Criminal...

[Clear Blue Sky]

1. Nice. Let's see what the executive bonuses are...

[pattmarty]

2. So, what else is new?????

[RedEarth]

3. Same song...different quarter...and they still get tax breaks

[dweller]

4. pump financing

dp