I Need a New Source of Income

Associated Press

With gasoline pump prices climbing above $3 a gallon across the U.S., oil giant BP PLC reported a $7.3 billion second-quarter profit, a 30 percent increase from last year despite reduced output and rising costs.


BP's record performance exceeded the expectations of Wall Street analysts, who anticipate second-quarter profits from the world's six largest publicly traded oil companies to surpass $36 billion. ConocoPhillips will release quarterly results today. John Browne also announced he will step down as BP's chief executive at the end of 2008.

Browne, widely credited with improving BP's fortunes at a time of uncertainty for the industry, said strong oil prices are likely to continue. "The near-term global outlook appears resilient," he said.

BP has been plagued by operational problems and it vowed to spend an additional $1 billion over next four years to upgrade safety at its facilities.
The impact of damaged platforms following last year's big Gulf of Mexico hurricane season showed in the slowing of oil and natural-gas production to 4.018 million barrels of oil equivalent a day, compared with 4.112 million in the same quarter of 2005.

In spite of operational snags, BP's revenue surged 24 percent to $73.5 billion as its global sale price for crude oil averaged $65.96 a barrel, compared with $47.79 a year earlier.
BP said the second quarter included a charge of $500 million to settle claims arising from the 2005 Texas refinery explosion in which 15 workers died.

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Anyone else see a disturbing trend? Normally I wouldn't squawk about another company's profit margin. Every business is entitled to turn a profit. But Jebus...we are all suffering the ill-effects of oil prices and these companies are wallowing in money. Oh the stated they are going to spend $1 billion dollars over the next 4 years to improve refinery safety. Wha? Over 4 years?

I think it's time for the big oil conglomerates to start donating a large majority of their profits to worthy charity organizations. We still need a cure for cancer, muscular dystrophy, Alzheimers, etc...

And if all else fails, they can donate to my favorite charity...The Dazed and Confuzed Charity!