BP’s pipes in Alaska might be leaking like a sieve, but its coffers are nice and healthy. North Slope crude oil closed above $70 a barrel for the first time on Wednesday – on the back of concerns about Iran and tensions in Nigeria. It was only in May 2004 that the price hit $40 … Read More
Big Oil Profits
Art Not Oil
Earlier today I said we haven’t got it in for BP. So, in the interests of impartiality, I am just passing this message on and not commenting on yet another organisation or person having a go at this Great British institution. It concerns Art Not Oil which is “a rolling exhibition aimed at encouraging artists … Read More
$144,573 A Day for Exxon’s Lee Raymond
During his tenure as one of the world’s most powerful oilmen, Lee Raymond who retired as Exxon’s Chief Executive last December, was vilified by environmentalists for his stance on climate change. Over the last decade Exxon has led the way to derail any action on the issue. The consequences of Raymond’s actions will be felt … Read More
BP Back on Track
BP is set to make a full recovery after last year’s setback with Hurricane Katrina, and has just announced oil production of over 4 million barrels of oil a day in first quarter 2006.
US Tax Subsidies to the Oil Industry: Like Paying Fish to Swim
Do you remember George W’s promise to end oil addiction? Part of that process would be beginning to end the vast subsidies given to the oil industry at tax-payers expense.
More on BP’s Alaska Spill
BP’s huge spill on the North Slope is now said to be an estimated 267,000 gallons of oil, that has polluted over two acres of tundra. It has now been revealed that the spill went undetected for five days, until a worker smelt the fumes by accident. The mayor for the North Slope, Edward Itta … Read More
A good old pension – pity about the climate
Yesterday saw BP join Shell and Exxon in reporting record profits of $19.3bn (£11bn). What the three company results highlight is the fundamental flaw of how they are valued by city investors. As both Shell and BP posted record profits their share price actually went down as the profits were not as large as some … Read More
Old School Profits – More on Exxon Mobil’s fat profits
The news that ExxonMobil has just posted the highest profits in history should bring down to earth those congenital optimists who, for the last 20 years or so, have been claiming that the best way to do well is to do good. ExxonMobil got their record-breaking billions the old fashioned way: through high oil prices.
Exxon Mobil Makes Biggest Profit in Corporate History
Oil giant Exxon Mobil yesterday reported the biggest profit in corporate history- some $36.1bn (£20bn) after tax for 2005. The profit was on the back of soaring oil prices. The company’s turnover – some $371bn – would make it the 17th biggest economy, just behind Russia but ahead of Taiwan or Sweden. The obscene profit … Read More
BP: Rich Financial Rewards, Great Reputation but at What Cost?
BP is on course this year to announce the largest profits ever by a British company, with annual profits of over $21bn (£12bn). This is despite the company taking a billion dollar hit over the fallout from Hurricane Katrina. The company’s giant windfall is due to the recent high oil prices.