High oil prices lift British Petroleum profits
Friday, Oct 31, 2008
The oil giant British Petroleum (BP) has seen its latest quarterly profits more than double, buoyed by record high oil prices. Reporting its results for the three months from last July to September Tuesday, BPs profit totalled 10 billion dollars (6.4 billion pounds), up 148 percent from a year earlier.
Oil prices hit an all-time high of 147 US dollars a barrel last July, but have since fallen back sharply to about 62 dollars this week. BP said in a statement high prices had "obviously helped our absolute result", despite the recent sharp fall. BP chief executive Tony Hayward said that oil prices could decline further as the world enters a recession.
Source: MENAFIN
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