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BP and Shell enjoy high oil prices by earning $100 million daily profit.
Knight Ridder/Tribune Business News, October, 2004
By Brian O'Connor, Daily Mail, London Knight Ridder/Tribune Business News
Oct. 23--BP and Shell are set to report stunning profits of $9 billion (5 billion pounds) between them for the three months to September -- $100 million a day -- as they cash in on the soaring oil price.
Last night this hit new peaks of $55.45 in New York and $51.32 for North Sea crude in London.
The market expects up to $4.7 billion net profits from Shell on Thursday, and up to $4.4 billion from BP on Tuesday.
Shell's refining profits have improved, while BP's Russian oil output is soaring. But Peter Hitchens at broker Cheuvreux says hefty taxes in Russia will hit BP's bottom line. A major driver of the oil price is the booming Chinese economy....
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