BP is the latest oil major to cash in on the highest energy prices in more than a decade
U.S. gas prices have hit a record high and are showing no signs of going down. That’s largely because oil companies are no longer incentivized to drill more as oil prices rise. WSJ’s Dion Rabouin explains. Photo composite: Ryan TrefesLONDON— BP PLC was the latest oil major to cash in on the highest energy prices in more than a decade, reporting strong second-quarter profit helped by fuel-making margins and oil trading.
London-based BP said Tuesday its underlying replacement-cost profit, a metric similar to net income that U.S. oil companies report, was $8.5 billion. That compared with a $6.8 billion average projection of 28 analysts compiled by BP.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sony sees profit rise despite waning interest in video gamesSony has reported its profit edged up 3% in the last quarter, weathering production setbacks from COVID-19 lockdowns in Shanghai and a trend away from video games as pandemic restrictions eased elsewhere.
Read more »
HSBC Pledges to Restore Pre-Covid Dividends as Profit JumpsThe British lender said it would resume paying dividends to investors as early as next year and warned that its top shareholder’s push to split up the company would jeopardize profit and growth.
Read more »
US oil majors report record profits on the back of high pricesU.S. oil majors enjoyed another quarter of monstrous profits on the back of sustained $100-plus per barrel of crude oil and high refining margins.
Read more »
A new pirate ship lets you sail around Lake Conroe with a bar for adults and party space for kidsWhat does a high-energy family from the Caribbean do to channel their inner spirit? They build a pirate ship and make it Lake Conroe’s newest attraction.
Read more »
Boeing shares rise as strike averted, FAA clears plan to resume 787 deliveriesBeoing's stock price surged Monday after news that the company averted strikes at three defense plants and would soon restart deliveries of 787 Dreamliners across the globe.
Read more »