BP 2nd-Qtr Profit Grows 42% on Rising Oil, Gas Prices

[ze_dscherman]

July 29 (Bloomberg) -- BP Plc, Europe's No. 2 oil company, reported second-quarter profit rose 42 percent because of rising oil and natural gas prices and said it may pay as much as $2 billion to cover a shortfall in pensions liabilities.

SNIP

OPEC called its fifth meeting this year amid expectations the group would need to cut output to make room for Iraq. Since then, looting, sabotage and a lack of electricity in Iraq have hindered efforts to restore production.

That's translated into higher profits for oil companies this year. Compania Espanola de Petroleos SA, Spain's second-largest oil company, Canada's Husky Energy Inc. and Philadelphia-based Sunoco Inc. have all reported gains in earnings in recent days.

More: http://quote.bloomberg.com/apps/news?pid=10000006&sid=agMIi0mEfnwo&refer=home

[geomon]

1. And they will get it on the backend also..

BP signed a deal to get in on the Iraqi oil.

http://www.dailytelegraph.news.com.au/common/story_page/0,5936,6801970%255E401,00.html