BP profits rise 28%

BP has announced a 28% jump in net profits for the second quarter of 2008. The soaring prices of crude oil and natural gas are largely responsible for the boost.

†BP has announced a 28% jump in net profits for the second quarter of 2008. The soaring prices of crude oil and natural gas are largely responsible for the boost.

The energy giant’s net income climbed to £4.75bn from £3.7bn for the same period last year. Profits would have been even greater had the company not had to recalculate the value of its UK gas contracts due to changes imposed by new accounting rules, making a difference of £1bn, in the second quarter.

The high profits from BP and other oil producers have led to calls from unions for a windfall tax to help those who are less able to cope with hikes in their energy bills. But BP argues it is already one of the UK’s largest taxpayers, handing over £1.2bn to the Treasury last year.

Earlier this month, BP signed up to be the sixth Tier One sponsor of the London 2012 Olympics. The deal, understood to be worth at least £50m, will make the brand the official oil and gas partner for the Games (MW.co.uk, July 4).

Latest from Marketing Week

PLEASE SIGN IN OR REGISTER. IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and inspiration that will help you develop as a marketer and leader.

Register and receive the best content from the only title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work, so we can make Marketing Week more relevant to you.

Register now

THE BEST CONTENT

Our award winning editorial team and columnists will ask the biggest questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we will be your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Dedicated to developing your skills and helping you achieve marketing excellence. Find guidance on leadership, professional development and the latest industry jobs.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here