BP Profits Soar 83%

Net profit rocketed 148% to $10.03 billion

Energy giant BP said on Oct. 28 that third-quarter net profit soared 83% to $8.049 billion on record high oil prices which have since slumped.

Net profit rocketed 148% to $10.03 billion in the three months to September, compared with the same period of 2007, BP said. World oil prices had struck record pinnacles above $147 per barrel in July on global supply concerns. However, they have since plunged by almost 60%, diving underneath $60 per barrel this week as traders fretted about the impact of a worldwide economic slowdown on energy demand.

BP chief executive Tony Hayward said that crude oil prices could fall even further as the world appeared set to enter a global recession. "I believe that BP is well-positioned to cope with such volatility," Hayward said. "We think the current turmoil may in fact create opportunities for us and we will look at those very closely."

BP is the world's third-biggest energy company in terms of stock market capitalization behind number one ExxonMobil and Royal Dutch Shell.

Copyright Agence France-Presse, 2008

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