Friday February 10, 2006 
Friday February 10, 2006
BP unveils US$22.34b profit for 2005
British energy giant BP announced a 30.8-percent surge in annual net profit to US$22.34 billion (18.64 billion euros), made against a backdrop of record oil prices in 2005. The group's 2005 reserve replacement ratio - the rate at which production is replaced by new oil discoveries - stood at 100% according to British standards and 95% under the stricter US Securities and Exchange Commission guidelines.
BP is the latest major producer after Royal Dutch Shell and ExxonMobil to announce record annual profits in the wake of surging oil prices, which hit an historic high of US$70.85 per barrel in August 2005 after Hurricane Katrina devastated energy installations on the US Gulf Coast.
BP's full-year production increased to 4.014 million barrels of oil equivalent per day (boepd) from 3.997 million the previous year. BP remained upbeat about the future, regardless of the hurricane-related setbacks.
See also :
1. Exxon Mobil posts record profit of $10.7 billion
2. Shell profit hits UK company record
3. The Size and Scope of Big Oil
(2006-02-10 20:55:41 SGT)
[Biz]
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