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Wednesday, February 09, 2005

Plutocrats Rejoice: It Is Your Time Now

And those 20% of you Americans that believe you are in the top 1%, you can celebrate also:

BP and ExxonMobil have just announced RECORD profits.

London - British energy giant BP on Tuesday reported a 26-percent rise in pro-forma net annual profit to $16.21 billion (R100.8 billion) in the wake of record high oil prices and strong demand.

Alongside its results, BP said it would return up to $23 billion in excess cash to investors in 2005 and 2006 via share buybacks and dividends.

The group is the latest energy company after Royal Dutch/Shell and ExxonMobil to announce record profits this month in the wake of soaring oil prices, which reached an all-time high above $55 in New York trading last October.

BP said its fourth-quarter pro-forma profit rose by 26.3 percent to $3.65 billion from the same period in 2003.
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Name: d.
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