BP & Shell Record Q1 Profits
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Wednesday, 30 April 2008 |
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European oil company majors BP & Shell recorded higher than expected quarterly profits. This will be foolowed on Thursday by the US oil majors of Chevron and ExxonMobil.
BP and Royal Dutch Shell on Tuesday both posted sharply higher quarterly earnings, handily surpassing most estimates as a nearly 70% rise in crude prices helped offset virtually flat oil production and skyrocketing costs. Shell’s net income in the first three months of the year rose 25
percent to $9.08 billion and BP reported its profit increased 63
percent to $7.62 billion.
Europe’s two biggest oil companies more than offset declining refining margins as crude oil nears $120 a barrel.
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