BP profits more than double to $5.6bn

[James McLauchlan]

BP has exceeded analysts’ expectations with a 135 per cent rise in post-tax profits for the first quarter, and continued to cut its debts, thanks to the rebound in oil and gas prices and an improvement in the performance of its refineries.

Replacement cost profit, which strips out the effect of changes in the value of inventories, was $5.6bn for the quarter, up from $2.39bn in the equivalent period of 2009.

Stripping out non-operating items and accounting effects, the rise in profit was 118 per cent, well above analysts’ average expectations of a rise of about 85 per cent.

The oil and gas exploration and production business reported a 94 per cent rise in operating profit over the year to $8.3bn, although this was slightly lower than in the final quarter of 2009.

Earnings per share were up 134 per cent at 29.82 cents.

mmm….. 😕

[Scott Beveridge]

GRRRRRRRR!!!!! Do we see a tuppence? 👿

[deepseacon]

Here is Shell Oil Company 1st Quarters Profits

Royal Dutch Shell said first quarter 2010 earnings, on a current cost of supplies (CCS) basis, were $4.9bn compared to $3.3bn a year earlier, while basic CCS earnings per share increased by 48% versus the prior year.

Share prices
Royal Dutch Shell Plc
QuoteChartsNewsFundamentalsFirst quarter CCS earnings, excluding identified items, were $4.8bn compared to $3bn in Q1 2009, an increase of 60%.

Cash flow from operating activities for the first quarter 2010 was $4.8bn. Excluding net working capital movements, cash flow from operating activities in Q1 was $10.4bn.

Net capital investment for the quarter was $6.2bn.

Total dividends paid to shareholders during the first quarter 2010 were $2.6bn.

Gearing at the end of the first quarter 2010 was 17.1%.

A first quarter 2010 dividend has been announced of $0.42 per share.

CEO, Peter Voser, commented: ‘Our results have improved considerably compared with year-ago levels, and our profitability has increased from the low levels we saw in the fourth quarter 2009. This has been driven by higher energy prices, operational and production performance and Shell’s growth programmes.

‘We are making good progress in improving our near-term performance, delivering a new wave of production growth and maturing next generation project options.

‘Our results reflected the successful ramp-up of our new upstream projects in Russia and Brazil, supporting a 6% increase in our production volumes and a 38% increase in sales volumes, in our industry-leading LNG business.

http://www.ibtimes.co.uk/articles/20100428/royal-dutch-shell-shares-up-on-ftse-100-as-profits-rise-60.htm

http://news.yahoo.com/s/afp/20100428/bs_afp/britainenergyoilcompanyearningsshell

.

[Anonymous]

Great news for O & G jobs across the board.
Get into the stocks now gents, this puppy has a long way to grow yet 😆

[James McLauchlan]

Maybe put BP on hold for a while 🙁

[Author]

Posts