Gulf Spill
Big Oil
Oilman: Fortunately, sophisticated machinery, techniques & expertise can be used to ensure that the delicate offshore drilling component of the energy bill is unharmed.
I’ve seen industry spills and natural “seepers” while SCUBA diving– not the same critter at all. The business of business is business (well profits) and the oil industry has a license to print money. We could have started conserving resources over 40 years ago, quite easily, but “the industry” wouldn’t have it. period.
This is from BP’s quarterly report as published on their website. It was a very good quarter………….So far their stock has not taken much of a hit yet I notice we are paying much higher prices at the pump. We will be the ones paying for this catastrophe along with the environment and wildlife.
BP’s first-quarter replacement cost profit was $5,598 million, compared with $2,387 million a year ago, an increase of 135%.
Non-operating items and fair value accounting effects for the first quarter had a net $49 million unfavourable impact compared with a net $194 million unfavourable impact in the first quarter of 2009.
Finance costs and net finance income or expense relating to pensions and other post-retirement benefits were $228 million for the first quarter, compared with $368 million for the same period last year.
The effective tax rate on replacement cost profit for the first quarter was 34%, compared with 37.5% a year ago.
Net cash provided by operating activities for the first quarter was $7.7 billion, compared with $5.6 billion a year ago.
Net debt at the end of the first quarter was $25.2 billion. The ratio of net debt to net debt plus equity was 19% compared with 23% a year ago.
Cash costs(b) for the first quarter were slightly lower than a year ago despite adverse foreign exchange and fuel cost effects.
Total capital expenditure, including acquisitions and asset exchanges, for the first quarter was $4.7 billion. Organic capital expenditure(c) in the first quarter was $3.8 billion. Disposal proceeds were $0.1 billion for the first quarter. For 2010 as a whole, we continue to expect organic capital expenditure of around $20 billion and disposal proceeds of $2-3 billion.
The quarterly dividend, to be paid on 21 June 2010, is 14 cents per share ($0.84 per ADS), the same as a year ago. The corresponding amount in sterling will be announced on 8 June 2010. A scrip dividend alternative is available, allowing shareholders to elect to receive their dividend in the form of new ordinary shares and ADS holders in the form of new ADSs. Details of the scrip dividend programme are available at www.bp.com/scrip
kennethcwarren64 about 14 years ago
Funny, and very true – Big Business doesn’t want the Government involved unless it is to clean up their mess, and give them tax breaks.
Dtroutma about 14 years ago
I’ve seen industry spills and natural “seepers” while SCUBA diving– not the same critter at all. The business of business is business (well profits) and the oil industry has a license to print money. We could have started conserving resources over 40 years ago, quite easily, but “the industry” wouldn’t have it. period.
comYics about 14 years ago
Oh, Well at least “Big Oil” is still making a profit…
cfimeiatpap about 14 years ago
This is from BP’s quarterly report as published on their website. It was a very good quarter………….So far their stock has not taken much of a hit yet I notice we are paying much higher prices at the pump. We will be the ones paying for this catastrophe along with the environment and wildlife.
BP’s first-quarter replacement cost profit was $5,598 million, compared with $2,387 million a year ago, an increase of 135%.
Non-operating items and fair value accounting effects for the first quarter had a net $49 million unfavourable impact compared with a net $194 million unfavourable impact in the first quarter of 2009.
Finance costs and net finance income or expense relating to pensions and other post-retirement benefits were $228 million for the first quarter, compared with $368 million for the same period last year.
The effective tax rate on replacement cost profit for the first quarter was 34%, compared with 37.5% a year ago. Net cash provided by operating activities for the first quarter was $7.7 billion, compared with $5.6 billion a year ago.
Net debt at the end of the first quarter was $25.2 billion. The ratio of net debt to net debt plus equity was 19% compared with 23% a year ago. Cash costs(b) for the first quarter were slightly lower than a year ago despite adverse foreign exchange and fuel cost effects.
Total capital expenditure, including acquisitions and asset exchanges, for the first quarter was $4.7 billion. Organic capital expenditure(c) in the first quarter was $3.8 billion. Disposal proceeds were $0.1 billion for the first quarter. For 2010 as a whole, we continue to expect organic capital expenditure of around $20 billion and disposal proceeds of $2-3 billion.
The quarterly dividend, to be paid on 21 June 2010, is 14 cents per share ($0.84 per ADS), the same as a year ago. The corresponding amount in sterling will be announced on 8 June 2010. A scrip dividend alternative is available, allowing shareholders to elect to receive their dividend in the form of new ordinary shares and ADS holders in the form of new ADSs. Details of the scrip dividend programme are available at www.bp.com/scrip
SherriannPederson about 14 years ago
Why are those who have control in humanity trying to spoil its resources?
SuperGriz about 14 years ago
More for them, less of us. ( deliberate “misspelling”)