April 26 (Bloomberg) -- BP Plc, the second-largest publicly traded oil company, said profit rose 29 percent in the first quarter to a record because of higher energy prices and production.
Net income increased to $5.49 billion, or 25.6 cents a share, from $4.26 billion, or 19.3 cents, in the year-earlier period, excluding gains from holding oil inventories, London-based BP said today in a Regulatory News Service statement. These are the first results for BP under the International Financial Reporting Standards adopted by companies in the European Union.
...Just going further down the statement, the shares should respond positivly since the earning expectation has been surpassed..
Excluding what BP called one-time items of $535 million, first-quarter profit was $4.96 billion. That compared with a forecast of $4.34 billion, according to the median estimate of seven analysts surveyed by Bloomberg.
...However, the there still seems to be some negative vibes...
Oil industry profits may have peaked in the fourth quarter of 2004, Jonathan Wright, an analyst at Citigroup Inc., said in an April 22 report titled ``Past the peak. For now.'' There's ``declining success from the group in translating high oil prices'' into profit because of rising costs and taxes, Wright said.
...This negative attitude seems to be a common theme and it appears short covering rallies may develop despite the strong interest. Just looking below, I have a list of energy companies that are already benefiting from these negative attitudes:-
Net income increased to $5.49 billion, or 25.6 cents a share, from $4.26 billion, or 19.3 cents, in the year-earlier period, excluding gains from holding oil inventories, London-based BP said today in a Regulatory News Service statement. These are the first results for BP under the International Financial Reporting Standards adopted by companies in the European Union.
...Just going further down the statement, the shares should respond positivly since the earning expectation has been surpassed..
Excluding what BP called one-time items of $535 million, first-quarter profit was $4.96 billion. That compared with a forecast of $4.34 billion, according to the median estimate of seven analysts surveyed by Bloomberg.
...However, the there still seems to be some negative vibes...
Oil industry profits may have peaked in the fourth quarter of 2004, Jonathan Wright, an analyst at Citigroup Inc., said in an April 22 report titled ``Past the peak. For now.'' There's ``declining success from the group in translating high oil prices'' into profit because of rising costs and taxes, Wright said.
...This negative attitude seems to be a common theme and it appears short covering rallies may develop despite the strong interest. Just looking below, I have a list of energy companies that are already benefiting from these negative attitudes:-