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High oil prices lift BPs profits

#1
eporting its results for the three months from July to September, BP's replacement cost profit totalled $10bn (£6.4bn), up 148% from a year earlier.

Oil prices hit an all-time high of $147 a barrel in July, but have since fallen back sharply to about $62 this week.

BP said high prices had "obviously helped our absolute result", despite the recent sharp fall.
My bold.

So the petrol companies weren't just passing on high prices but profiteering thanks to the situation. Now what was it they said about forecourt prices not making a profit?

Bast@rds


My thanks to the BBC for the article
 
#2
Sorry sven.

this amount of siily money was expected. just not how much.

Saudi and others = kuwait were making over 130million dollars a day for the past ex months.

they increased output and hooray

saudi made over $250million dollars per day = 10 days = $2,500 million dollars per = $2.5 billion dollars so that is for ONE MONTH = $7.5 BILLION DOLLARS extra profit PER MONTH. For HOW MANY MONTHS????????????????????

it would be natural for any arab camel sucking country to upset the oil exporting flow.

they make MILLIONS per day.

and then buy UK PLC.

get a life you retards.
 
#3
Sven said:
eporting its results for the three months from July to September, BP's replacement cost profit totalled $10bn (£6.4bn), up 148% from a year earlier.

Oil prices hit an all-time high of $147 a barrel in July, but have since fallen back sharply to about $62 this week.

BP said high prices had "obviously helped our absolute result", despite the recent sharp fall.
My bold.

So the petrol companies weren't just passing on high prices but profiteering thanks to the situation. Now what was it they said about forecourt prices not making a profit?
Bast@rds


My thanks to the BBC for the article
Actually If you spent as much time defending political shirt lifting as looking at the OIL companies methods of bookmaking = HRMC inforced you may have noticed the following.

oil companies are divided into 3 money taxing cows.

1. Bp development drill for oil. and right OFF billions of operating costs. = they sell to the world market at $1?? dollars per barrel of crude. AT WHAT TAX TO GORDON BROWN>????????????????????????????????????????

2. Bp world wide delivery crude oil company. they collect and deliver as ordered. nice money earner.

3. Bp selling petrol at the pumps plc. the Bp retail BUY FROM BP 1 crude at $zzz and then refine it and sell at the pumps = % browns tax??????????????????????????.

and if you think thats funny.

wait for the xmas push.

northern rock are actively reposessing houses. with the governments consent???????????

imagine when the other mortgage lenders start looking at the "nice houses" I could afford now just like they did the last time.

For those too young or THICK to comprehend, in the last 2 down turns the local bank/mortgage lending company had "owners/managers/wideboys" etc.

They looked around for really good looking houses with A LOT OF LAND and forced the owner to pay or be evicted.

For those arrsers who realy are prepared to "bring the changes" watch this space.

and PM me if you want some of the action.
 
#4
Not defending the obscene profits, but in many cases the price per barrell has no effect on the oil companies profit as their price is often agreed and fixed with the country and opec. What does boost profit is the fact that production is increased so they can export more crude.

Remember only a fraction of the price per barrel goes to the oil companies.
If you look at the profit as a percentage of operating costs it probably doesn't seem that bad.

You can still buy a litre of petrol for less than a litre of water. If you want to direct your outrage at someone try the government for the obscene tax the put on our fuel.
 
#5
I thought they got their one of their major facilities back up and running again this year after it was shut down due to damage by Hurricane Catrina. So their profit should look "artificially high" as it should have been lowered since Catrina.

Its still a disgustingly large amount
 
#6
People continually and deliberately forget the scale and reach of the Oil companies. Its a worldwide profit being declared, not just a UK one. The two big UK based oil companies make a tiny proportion of their profits in the UK (less than the supermarkets make) and what some unwisely call profiteering should actually be celebrated as a rare industrial success story from the few British companies that operate in every major country in the world.
 
#7
Sven said:
eporting its results for the three months from July to September, BP's replacement cost profit totalled $10bn (£6.4bn), up 148% from a year earlier.

Oil prices hit an all-time high of $147 a barrel in July, but have since fallen back sharply to about $62 this week.

BP said high prices had "obviously helped our absolute result", despite the recent sharp fall.
My bold.

So the petrol companies weren't just passing on high prices but profiteering thanks to the situation. Now what was it they said about forecourt prices not making a profit?

Bast@rds

My thanks to the BBC for the article
Sven. The $10 billion profit figure quoted is the "replacement cost profit to BP shareholders". However, the actual profit attributable to shareholders is $8 billion. If you don't know the difference, do a bit of research in your spare time.

Moreover, on a turnover of over $100 billion, this represents less than 10% margin. BP also has over $22 billion of debt.

In more specific terms, BP made (only) $30 million in profit (before tax and interest) from refining and sales in the UK. Now, how many litres do you think they pumped during the quarter? So what's their profit margin on a litre?

And don't forget that they pay a rather large sum of tax to HMG each quarter. Money that keeps YOU afloat!

Nobody likes high petrol prices. But the problem lies with HMG and their excessive tax levels, not oil company profiteering!
 
#8
Sven said:
So the petrol companies weren't just passing on high prices but profiteering thanks to the situation. Now what was it they said about forecourt prices not making a profit?

Bast@rds


My thanks to the BBC for the article
Cyclops is putting a brave face on now the oil price is down. Face facts - it's a great cash cow for the Govt and they need every penny they can get their greedy mitts on. Windfall Tax - One Eyed Jack's spent all his Oil Windfall Tax :roll:
 
#9
Try not to forget that extracting oil is going to become even more grossly expensive as the easy fields dry up. In years to come extracting oil from some fields is going to make North Sea Oil drilling look like childs play in a paddling pool.

Development and extraction costs are going to go up and up and up. So BP need to make as much money as possible now to pay for it. Or we're going to be walking.
 
#10
Kitmarlowe said:
Try not to forget that extracting oil is going to become even more grossly expensive as the easy fields dry up. In years to come extracting oil from some fields is going to make North Sea Oil drilling look like childs play in a paddling pool.

Development and extraction costs are going to go up and up and up. So BP need to make as much money as possible now to pay for it. Or we're going to be walking.
Sven's needs are more immediate. The greater the profit, the greater the tax paid to HMG to dish out to welfare class. :)
 
#11
Proof postitive of stupidity and duplicity at every level. The Times today has an interesting article
Old one eye demands price cuts whilst raking in £20 Billion in taxes...Methinks he doth protest too much
 
#13
SWINDLER said:
At £7million a day i think they should contribute to the current financial staus of the country...it's only fair!
Less than 25% of BP's total profit was made in the UK. HMG is thus enjoy tax windfall on profits made overseas.
 
#14
SWINDLER said:
At £7million a day i think they should contribute to the current financial staus of the country...it's only fair!
They do

Kitmarlowe said:
Proof postitive of stupidity and duplicity at every level. The Times today has an interesting article
Old one eye demands price cuts whilst raking in £20 Billion in taxes...Methinks he doth protest too much
Mr Brown must carry the can on pump prices (along with his other screw-ups)
It is tax that has kept the price of fuel high and strangled the country until we are in the position we are in now.
Brown has fukked us all over in preperation for handing Britain over to the Europeans.
BP is a company in the business of making money (just like the banks) and we have no right to complain when they do so effectively. Thy simply provide a product we all need. The cost from them is reasonable, its the treasury cut that is exhorbitant.
Mr Brown has no right to complain after years of raping us for every penny he can either.
 
#17
Here's another interesting but unscientific statistic.

During 2007, UK motorists (car, bus and hauliers) consumed 43,815 thousand tonnes of petrol/diesel.

Playing with my calculator, that works out at £36 billion per annum in tax for HMG on the basis of £1 per litre forecourt price.

And people still wonder why the price of petrol is high???

Still, it's easier to blame it on the oil companies, isn't it?

And another couple of little graphs - albeit a wee bit old.

 
#19
If you think that BP shareholders are getting rich on BP shares forget it. I bought in at the privatisation - 100 shares costing £330, the day after I posted the cheque the stock market crashed and they were on sale at about £1.50 each. I have held onto the shares, and never taken a penny in dividend, preferring to be paid in shares.

Over 20 years has now passed since I bought them, I now have 450 shares, and the total value is just over £2000. I think there are easier ways to make money than shareholding.

BP is a business that covers exploration, chemicals, retail and oil refining. Tax is paid at several stages in the oil process. Prices quoted for oil today are generally 3 month prices, ie you buy today for delivery in 3 months.

If we had no successful businesses on the basis of BP the country would be considerably poorer as the tax take from Cyclops and his chums would be considerably lower.
 
#20
whitecity said:
Now's your cue to jump in and defend your beloved Cyclops and try and redirect people's anger back onto the oil companies.
While on the subject of pointing out the greed and fecklessness of the Great McStalin watch this little gem by the renegade economist. Note the deliberate removal of the One Eyed Cretin's 1997 budget speech from the Treasury website. Make no mistake Cyclops is one slopy shouldered barstard.

http://uk.youtube.com/watch?v=qHqrBb-nRbs

Edited to add:
Back on track I like BP and have owned in the past but right now not buying