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Wednesday, July 26, 2006
UK-based super major, BP, saw an increase in its second quarter replacement cost profit. The company saw a replacement cost profit of $6.118 million, an increase of 23% from the same period in 2005. For the half year, replacement cost profit was $11,383 million compared with $10,472 million in 2005, up 9%.
According to the company the second quarter trading environment was generally stronger than a year ago with higher oil and gas bottom lines and higher refining margins but with lower overall marketing margins.
BP Group Chief Executive, Lord Browne, commented, "BP’s second quarter result reflected good overall operating performance and continuing strong upstream and refining margins. The Texas City refinery is now running at 200,000 bpd and further units will be brought onstream across the balance of 2006. Our actions to control costs are on track. Results are being impacted by higher tax charges. Strong cash generation continues to support shareholder distributions through dividends and buybacks.”
Activities in Africa provided the company with strong results. In Angola the company had another success on Block 31 with the Urano discovery, bringing the number of successful discoveries that BP has drilled on the block to ten.
In Algeria, first gas was produced from the In Amenas project in June. In Egypt, the Temsah redevelopment project started production in April, ahead of schedule. Additionally in June, the company signed a framework agreement for the development of a new LNG plant, Damietta 2.
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