BP Posts Whopper of a Second Quarter; Profits of $9.47B

BP has released its results for the second quarter of the 2008 fiscal year, posting a massive $9.47 billion profit, up from $7.38 billion in the second quarter of 2007. The firm also posted inventory holding gains, net of tax, of $2.61 billion, up from $888 million in the second quarter of 2007. This leaves a total replacement cost profit of $6.85 billion, up from $6.49 billion in the first quarter of 2007.

The total profit for the first half of the 2008 fiscal year is $16.92 billion; the total profit for the first half of the 2007 fiscal year was $12.04 billion.

The profit per ordinary share is 36.40 cents. The profit per ordinary share for the first half of 2008 is 71.30 cents, up from 56.58 cents per share for the first half of 2007.

As with the industry at large, BP saw exploration and production figures rise dramatically while refining figures slumped slightly. Exploration and production profits were $10.77 billion, comparable to the $10.07 billion made by the company's E&P in the first quarter. The E&P profit for the first half is an impressive $20.84 billion, a dramatic increase over the $13.43 billion posted in the first half of 2007. Refining and marketing slumped to a mere $539 million in the second quarter of 2008, from $1.25 billion in the first quarter and $2.74 billion in the second quarter of 2007. This is a decrease of $1.76 billion from the first half of 2007 to the first half of 2008.

Total attributable profit for BP shareholders has soared to $9.47 billion for the second quarter, compared to $7.45 billion for the first quarter. This is a total first half profit of $16.92 billion, compared to the $12.04 billion attributable to the first half of 2007.
 

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