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BP profits hit record $13.4bn on soaring oil price

July 29, 2008

BP profits hit record $13.4bn on soaring oil price

BP, the British oil giant, unveiled a 23 per cent rise in profits this morning, boosted by record global crude prices.

Replacement cost profit, which strips out exceptional items, hit a record $13.44 billion during the first half of the year, up from $10.93 billion a year ago. During the second quarter to June 30, profits rose from $6.48 billion to $6.85 billion this year.

The bulk of the gain came from BP’s exploration and production division, which benefited from “higher oil and gas realizations” during the period.

Oil prices rallied steadily throughout the second quarter, touching all-time highs of $147 per barrel just a few days after the end of the quarter.  

BP also revealed an improvement in the performance of its troubled refining business.

Refinery throughputs increased to 2.239 million barrels per day up from 2.128 million a year ago, reflecting continued efforts to resolve a string of safety and technical problems at its facilities at Texas City and Whiting in the US.

The oil giant said production levels were broadly flat at 3.83 million barrels per day.

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