Oil Company Profits Up Sharply
April 29th, 2008Mmm hmm.
Via: BBC:
Oil firms Royal Dutch Shell and BP have made better-than-expected first-quarter profits thanks to the rising price of oil, which is close to $120 a barrel.
Shell made profits of $7.8bn (£3.9bn) in the first three months of the year, up from $6.9bn a year ago.
And rival BP saw its profits rise 48% to $6.588bn (£3.31bn), from $4.4bn.
In January, Anglo-Dutch firm Shell reported annual profits of $27.56bn (£13.9bn) for 2007, a record for a UK-listed company.
In midday trade in London, shares in both Shell and BP were up by more than 5.75%, and industry peers BG Group and Cairn Energy were also among the top gainers.
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