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July 25: BP Plc, Europe’s biggest oil company, said second-quarter profit climbed 30% to a record as crude prices surged and refining earnings increased. Net income rose to $7.27 billion, or 35.6 cents a share, from $5.6 billion, or 25.9 cents, a year earlier, the London- based company said in a statement on Tuesday.
Chief executive officer John Browne, 58, who plans to retire in 2008, increased exploration and production profit by a third from a year earlier. The company is benefiting from crude prices, which reached a record $78.40 a barrel July 14.
BP is drilling in faster-growing regions such as Russia and Angola as output from fields in the North Sea and US age. “At today’s oil price, BP is undervalued,” Roger Nightingale, a strategist at Millennium Global Investments, which oversees $4.3 billion, including shares of BP, said in an interview in London. “The BP share price is almost as if the oil price is going to return to $30 or $35 a barrel,” he added.
—Bloomberg
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