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Old October 25th, 2005, 22:57   #2
TornadoRed
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Join Date: Aug 2003
Location: Saint Paul (ex-San Diego)
Default BP gets big lift from big oil prices, Profits Rise

Quote:
The world's second-largest listed oil company said Tuesday that its closely watched adjusted replacement cost profit, which strips out one-off items as well as gains or losses from changes in the value of fuel inventories, jumped 27 percent to $5.33 billion....
Repairs to the platform are expected to cost around $250 million, a BP spokesman said.
The headlines say "record profits." But then the cost to repair a single platform is buried deep in the article.

Big profits are good. Even if the company earning the profits doesn't invest in new refineries, other people look at those profits and decide they want to get in on the action. Richard Branson, founder of the Virgin empire, is thinking about building a refinery, if only to provide fuel for Virgin Air's planes.

And maybe few or no new refineries will be built in the US. That sucks. But there are dozens of them in the works elsewhere: in the Caribbean, in South America, in Africa, in South Asia, in Indonesia, in Eastern Europe, and probably in Russia.
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