Times sure are rough. Unless you happen to be a major oil company like BP. If you are then the times are fantastic!
BP, one of the world’s largest oil companies, posted a net profit of $7.3 billion for the three months ending June 30, up from $5.6 billion a year earlier. Revenue rose 24 percent to $73.5 billion from $59.3 billion.
Clean replacement cost net profit—which excludes exceptional items and the impact of changes in crude inventories—came to $6.1 billion for the second quarter, up 5 percent. That topped the $5.98 billion expected by analysts.
Profits were boosted by rising oil prices, with the average price of a barrel of Brent, a key U.K. North Sea crude benchmark, rising 35 percent to $69.50 in the second quarter.
Wonder how long before the Congresscritters start jumping all over the oil companies again in a showy bit of grandstanding to try and win the hearts of voters without actually, you know, doing anything.