Big Oil Outperforms |
| Forbes - Apr 29, 2008 |
The skyrocketing price of crude isn't the only thing giving Big Oil a lift. Royal Dutch Shell and BP were basking in the glow of estimate-beating profits Tuesday that said far more about their cost control and profitability, than about oil prices.
Royal Dutch Shell (nyse: RDSA - news - people ) and BP (nyse: BP - news - people ) managed to beat first-quarter profit estimates by almost $1 billion apiece on a current cost of supply basis, or regardless of the strong rise in oil prices. Shell's earnings rose 12.2%, to $7.8 billion; BP's had increased 48.2%, to $6.6 billion.
Royal Dutch Shell's 'A' shares jumped 5.5%, or 106 pence ($2.09), to £20.47 ($40.41), during midday trading in London on Tuesday. BP rose 5.1%, or 29.50 pence (58 cents), to 608 pence ($12.00).
Read Full Article from Forbes
- Posted: 2008-04-29 08:49:18
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