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Bp Profits Hit Record $13.4bn On Soaring Oil Price

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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.

I suppose the market will be disappointed with these figures.....

So a rise in profits well above inflation?

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  • 399 Brexit, House prices and Summer 2020

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      • down 5% +
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