ananova.com: Shell And BP Set For Big Profits: “…both tipped to have made record third quarter profits.”: “The recent soaring price of oil is behind the huge increase in earnings…”: (ShellNews.net)
Posted 25 Oct 04
Oil giants BP and Shell are both tipped to have made record third quarter profits. Analysts say the two should chalk up a figure of around £2.5bn each for the three months to September.
The recent soaring price of oil is behind the huge increase in earnings, representing more than £27m a day for each of them.
The companies report on third quarter figures in the coming week.
Industry observers point out that BP's profits will have been helped by strong production in Russia.
It is forecast to post a Q3 figure of about £2.4bn.
Shell is expected to come in slightly higher, at some £2.6bn.
Oil prices have rocketed in recent weeks, to more than $50 a barrel in the US, amid fears of winter shortages there and worries over continuing problems in the Middle East.