BP profits hit ‘obscene’ 18-year high as Iran war drives up oil refining margins
· theguardian.com · popularity 28/100 · 0 similar stories today · Insurance & Risk (Money, Markets & Investing)
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Summary
Oil giant comes under fire from climate campaigners, as its earnings reach $8.46bn while ‘innocent civilians suffer’ BP’s quarterly profits have been labelled “obscene” after they hit an 18-year high of $8.46bn (£6.3bn), as the war in the Middle East drove up oil and gas prices. The energy company hailed a “banner quarter” on Friday, with its underlying replacement cost profit – a key measure of its income – almost quadrupling in the three months to the end of September, from $2.2bn in the same period a year ago. The jump meant BP’s quarterly profits hit their highest level since the $8.9bn recorded in 2008 . Continue reading...
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