BP announces 22.3 billion
dollar net profit
AFP
LONDON
Petroleumworld.com 02 07 06
British energy giant BP on Tuesday announced a 30.8-percent surge
in annual net profit to 22.34 billion dollars (18.64 billion euros),
made against a backdrop of record oil prices in 2005.
Alongside the earnings release, BP promised to return between
50 and 65 billion dollars to shareholders over the next two years.
The annual result, which was lower than its Anglo-Dutch rival
Royal Dutch Shell, was credited to revenues of 255.16 billion
dollars.
The British energy group said its fourth-quarter pro-forma profit
rose by 22.4 percent to 3.685 billion dollars from the same period
the previous year.
The profits increase came despite a fall in production after rigs
were damaged in the US Gulf of Mexico by a devastating hurricane
season.
BP is the latest major producer after Shell and ExxonMobil to
announce record profits this month in the wake of surging oil
prices, which hit an historic high of 70.85 dollars per barrel
in August 2005 after Hurricane Katrina devastated energy installations
on the US Gulf Coast.
AFP
02 07 06
Copyright
© 2006 AFP. All rights reserved
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