[Piepsap-fiji] FW: Oil Prices and Profits
Yogita Chandra
piepsap-fiji@list.sopac.org.fj
Wed, 9 Feb 2005 10:20:05 +1200
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fyi
> -----Original Message-----
> From: Gerhard Zieroth
> Sent: Wednesday, February 09, 2005 9:55 AM
> To: sopac- Piepsap
> Subject: Oil Prices and Profits
>
>
> For your information see the attached article on BP's profits. BP is a
> major supplier to the Pacific region and earned an hourly profit of 1.8
> million in 2004.
>
> Gerhard Zieroth
> Manager Pacific Islands Energy Policies and Strategic Action Planning
> (PIEPSAP)
> SOPAC South Pacific Applied Geoscience Commission
>
> Postal Address:
> Private Mail Bag, GPO, Suva, Fiji Islands
> Street Address:
> Mead Road, Nabua, Fiji Islands
> Tel: +679 3381 377 Fax: +679 3370 040
> E-mail: Gerhard@sopac.org
> Web site: http://www.sopac.org
> <<Bumper oil prices lift BP profits.htm>>
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<TITLE>FW: Oil Prices and Profits</TITLE>
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<P><B><I><FONT COLOR=3D"#0000FF" SIZE=3D2 =
FACE=3D"Arial"></FONT></I></B><I></I> <FONT COLOR=3D"#0000FF" =
SIZE=3D2 FACE=3D"Arial"> fyi</FONT><FONT FACE=3D"Tahoma"> </FONT>
<BR><FONT FACE=3D"Tahoma"> </FONT><FONT SIZE=3D1 =
FACE=3D"Tahoma">-----Original Message-----</FONT>
<BR><B><FONT SIZE=3D1 FACE=3D"Tahoma">From: </FONT></B> <FONT =
SIZE=3D1 FACE=3D"Tahoma">Gerhard Zieroth </FONT>
<BR><B><FONT SIZE=3D1 FACE=3D"Tahoma">Sent: </FONT></B> =
<FONT SIZE=3D1 FACE=3D"Tahoma">Wednesday, February 09, 2005 9:55 =
AM</FONT>
<BR><B><FONT SIZE=3D1 =
FACE=3D"Tahoma">To: </FONT></B> <FONT SIZE=3D1 =
FACE=3D"Tahoma">sopac- Piepsap</FONT>
<BR><B><FONT SIZE=3D1 =
FACE=3D"Tahoma">Subject: </FONT=
></B> <FONT SIZE=3D1 FACE=3D"Tahoma">Oil Prices and Profits</FONT>
</P>
<BR>
<P><FONT SIZE=3D2 FACE=3D"Arial">For your information see the attached =
article on BP's profits. BP is a major supplier to the Pacific region =
and earned an</FONT><B> <FONT SIZE=3D2 FACE=3D"Arial">hourly profit of =
1.8 million</FONT></B><FONT SIZE=3D2 FACE=3D"Arial"> in =
2004.</FONT></P>
<P><B><FONT FACE=3D"Arial">Gerhard Zieroth</FONT></B>
<BR><B><FONT FACE=3D"Arial">Manager Pacific Islands Energy Policies and =
Strategic Action Planning (PIEPSAP)</FONT></B>
<BR><B><FONT COLOR=3D"#0000FF" SIZE=3D5 =
FACE=3D"Haettenschweiler">SOPAC</FONT></B><FONT COLOR=3D"#0000FF" =
FACE=3D"Haettenschweiler"> </FONT><B></B><B> <FONT FACE=3D"Arial =
Narrow">South Pacific Applied Geoscience Commission</FONT></B>
</P>
<P><B><I><FONT FACE=3D"Arial">Postal =
Address:</FONT></I></B><I></I><FONT FACE=3D"Arial"> </FONT>
<BR><FONT FACE=3D"Arial">Private Mail Bag, GPO, Suva, Fiji =
Islands</FONT>
<BR><B><I><FONT FACE=3D"Arial">Street =
Address:</FONT></I></B><I></I><FONT FACE=3D"Arial"> </FONT>
<BR><FONT FACE=3D"Arial">Mead Road, Nabua, Fiji Islands</FONT>
<BR><B><I><FONT FACE=3D"Arial">Tel:</FONT></I></B><I></I><FONT =
FACE=3D"Arial"> +679 3381 377 </FONT><B></B><B><I> =
<FONT FACE=3D"Arial">Fax:</FONT></I></B><I></I><FONT FACE=3D"Arial"> =
+679 3370 040</FONT>
<BR><B><I><FONT FACE=3D"Arial">E-mail:</FONT></I></B><I></I><FONT =
FACE=3D"Arial"> Gerhard@sopac.org</FONT>
<BR><B><I><FONT FACE=3D"Arial">Web site:</FONT></I></B><I></I><FONT =
FACE=3D"Arial"> <A HREF=3D"http://www.sopac.org" =
TARGET=3D"_blank">http://www.sopac.org</A></FONT>
<BR><FONT FACE=3D"Arial" SIZE=3D2 COLOR=3D"#000000"> <<Bumper oil =
prices lift BP profits.htm>> </FONT>
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<HTML><HEAD><TITLE>BBC NEWS | Business | Bumper oil prices lift BP =
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<DIV class=3Dheadline>Bumper oil prices lift BP profits </DIV>
<DIV class=3Dbo><B>Oil giant BP has reported a 26% rise in annual =
profit to=20
$16.2bn (=A38.7bn) after benefiting from high oil prices. </B>
<P>Last week, rival Shell reported an annual profit of $17.5bn - a =
record profit=20
for a UK-listed company.=20
<P>BP added that it was increasing its fourth-quarter dividend by 26% =
to 8.5=20
cents a share, and continuing with its share buyback programme.=20
<P>BP chief executive Lord Browne said the results were strong "both=20
operationally and financially".=20
<P><B>Management skills </B>
<P>The company is earning about $1.8m an hour.=20
<P></P></DIV>
<DIV class=3Dbo>
<P>Despite the record annual profits figure, BP's performance was below =
the=20
expectations of some City analysts.=20
<P>However, BP shares rose modestly, finishing the day up 0.5% at 547 =
pence.=20
<P>Its profit rise for the year included profits of $3.65bn (=A31.97bn) =
for the=20
final three months of 2004 - up from $2.89bn a year ago but below its =
third=20
quarter.=20
<P><B>Oiling the wheels </B>
<P>Speaking on the BBC's Today programme on Tuesday, Lord Browne said =
the=20
profits were not solely down to the high oil price alone.=20
<P></P></DIV>
<DIV class=3Dibox>
<TABLE>
<TBODY>
<TR>
<TD width=3D5></TD>
<TD class=3Dfact><!--Smva--><B>The price of oil will be well =
supported above=20
$30 a barrel for the medium term =
</B><BR><!--Emva--><!--Smva-->Lord=20
Browne, chief executive, BP=20
=
<!--Emva--><!--So--><BR><!--Eo--><!--Smiiib--></TD></TR></TBODY></TABLE>=
</DIV>
<DIV class=3Dbo>
<P>"The profits are up more than the price of oil is up," he said.=20
<P>Lord Browne pointed out that BP was reaping the benefits of its =
investment in=20
oil exploration.=20
<P>"We have spent many years buying (assets) when the price is low," he =
said.=20
<P><B>Exploration advantage </B>
<P>The company has made new discoveries in Egypt, the Gulf of Mexico =
and Angola.=20
<P></P></DIV>
<DIV class=3Dibox>
<TABLE>
<TBODY>
<TR>
<TD width=3D5></TD>
<TD class=3Dfact><!--Smva--><B>I think that most of BP's =
competitors are=20
probably very envious of BP's position in Russia =
</B><BR><!--Emva--><!--Smva-->Robert Plummber, Wood Mackenzie=20
<!--Emva--></TD></TR></TBODY></TABLE></DIV>
<DIV class=3Dbo>"BP has positioned itself very well over the last 10 to =
15 years,"=20
Robert Plummer, an analyst with energy experts Wood Mackenzie told the =
BBC's=20
World Business Report.=20
<P>"They're getting the benefits of a very successful exploration =
programme,=20
which has seen them become a leader in deep water plays around the =
world."=20
<P>Wood Mackenzie said BP had also become the number one gas producer =
in the US,=20
and US gas prices have been very strong this year.=20
<P><B>Russian connection </B>
<P>BP is also involved in a Russian joint venture, TNK BP. Despite the =
forced=20
auction of rival Russian oil company Yukos, analysts believe the BP =
venture has=20
good prospects.=20
<P>"I think that most of BP's competitors are probably very envious of =
BP's=20
position in Russia," said Mr Plummer.=20
<P>"TNK BP is now probably the second largest oil producer in Russia. =
The=20
authorities don't seem to be pursuing tax issues in the same way they =
were with=20
Yukos, so I think the risk is minimal."=20
<P><B>High prices </B>
<P>Both BP and Shell face strong prospects in the year ahead as oil =
prices are=20
expected to remain high.=20
<P>Currently above $40 a barrel, Lord Browne predicted: "The price of =
oil will=20
be well supported above $30 a barrel for the medium term."=20
<P>Despite benefiting from the windfall of high oil prices, Lord Browne =
rejected=20
calls for a windfall tax, saying that in the North Sea it paid =
progressively=20
more tax, the more profits it made.=20
<P>BP put production for the year at 3.997 billion barrels of oil, up =
10% on=20
2003, but slightly lower than the four billion barrels it had initially =
aimed=20
for.=20
<P>
<P>
<P></P></DIV>
<DIV class=3Dfooter>Story from BBC=20
NEWS:<BR>http://news.bbc.co.uk/go/pr/fr/-/2/hi/business/4245509.stm<BR><=
BR>Published:=20
2005/02/08 17:00:03 GMT<BR><BR>=A9 BBC MMV<BR></DIV></BODY></HTML>
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