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BP among big oil companies set to reap record profits.
Knight Ridder/Tribune Business News, October, 2004
By Alex Brummer, Daily Mail, London Knight Ridder/Tribune Business News
Oct. 4--WASHINGTON -- High oil prices may be troublesome for energy consumers and the world economy, as the Group of Seven warned at the weekend, but it is a different story for the oil majors.
British Petroleum is among those reaping the benefits. A year ago the average price it received for its oil was $23.38 a barrel. In the second quarter BP reaped $35.32 a barrel and in the third quarter the figure climbed a further 20 percent to $41.54. This constitutes windfall gains on a grand scale.
So despite BP's problems arising from Hurricane Ivan in the Gulf of Mexico and an oil fire at its Egyptian platforms, BP looks set to harvest record profits of UKpound 9...
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