BP, Shell May Say Profit Rose on Oil Prices, Refining Recovery

[struggle4progress]

July 24 (Bloomberg) -- BP Plc and Royal Dutch Shell Plc, Europe's biggest oil companies, may say this week that second- quarter earnings climbed because of a surge in crude prices and a rebound in refining profits.

London-based BP may say profit rose 2.9 percent to $5.97 billion from $5.8 billion a year earlier, under accounting that eliminates one-time items, according to the median estimate in a Bloomberg News survey of 11 analysts. Shell probably earned $6.2 billion, a 19 percent jump from $5.2 billion a year earlier, a survey of 10 analysts found.

Profits at the six biggest publicly traded oil companies by sales jumped 23 percent to $36 billion in the quarter, based on JPMorgan Chase & Co. estimates. That's more than Venezuela's gross domestic product in the same period. Companies benefited from near-record prices, bolstered by the diplomatic standoff over Iran's nuclear program and cuts to Nigerian supplies.

``There's been phenomenal cash flow from oil production,'' said Jason Kenney, an analyst at ING Wholesale Banking in Edinburgh, Scotland. He has a ``buy'' recommendation for BP, with Shell at ``hold.'' ...

http://www.bloomberg.com/apps/news?pid=20601085&sid=aZEpfNDgTitY&refer=europe

[fasttense]

1. It is official, we are now allowed to complain about gas prices.

Self-serve regular gas is averaging nation wide over $3.00/gallon. $3.00/gallon is more than it has ever been in the history of the US even using conservative estimates (and when I say conservative, I meaning liars) for inflation. See how the bushes have helped out his base, the haves and haves more.

http://articles.news.aol.com/business/_a/gas-prices-move-past-3-hit-all-time/20060723170609990013?cid=2194