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Wednesday, July 26, 2006

BP Reports $7.3 Billion Profit in 2nd Quarter

LONDON (AP) -- Oil company BP PLC said Tuesday net profit rose 30 percent in the second quarter, as soaring world oil prices counterbalanced lower oil and gas output. Chief Executive John Browne also announced that he would step down at the end of 2008.

BP, one of the world's largest oil companies, posted a net profit of $7.3 billion for the three months ended June 30, up from $5.6 billion a year earlier. Revenue rose 24 percent to $73.5 billion from $59.3 billion.

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