BP Reports Strong Earnings on Rising Crude Prices

Includes: BP, RDS.A, XOM
by: Jonathan Liss

Excerpt from our One Page Annotated Wall Street Journal Summary (receive it by email every morning by signing up here):

BP's Net Profit Rises 30% On Higher Oil, Natural-Gas Prices

  • Summary: BP (NYSE:BP) reported net income of $7.27 billion, or about 30 cents a share, up from $5.59 billion, or about 23 cents a share, during the year earlier period. Revenue rose 24% to $73.47 billion. Despite increased cost pressures from higher taxes and oil-field inflation, much higher oil prices have helped deliver another quarter of stellar returns for BP, the world's second-largest publicly traded oil company by market cap. That suggests a promising picture for other large, integrated oil companies that report their earnings this week such as world # 1, Exxon Mobil (NYSE:XOM), and # 3 Royal Dutch Shell (RDSA), who report quarterly results Thursday. In other news, BP Chief Executive John Browne said he would leave his current position at the end of 2008, ending speculation that he would stay beyond the normal age of retirement at the company.