Reuters: BP profits at bottom of forecasts
“has outshone scandal-hit rival Royal Dutch/Shell”
Tue 27 July, 2004
By Sudip Kar-Gupta
LONDON (Reuters) – BP has reported second-quarter profit at the bottom end of market forecasts but says it will continue a share buy-back programme that has buoyed investor sentiment.
The world’s second-biggest oil group, which has outshone scandal-hit rival Royal Dutch/Shell SHELL this year, said on Tuesday pro-forma net profit for the second quarter rose 23 percent from a year ago to $3.908 billion (2.123 billion pounds).
A range of analyst forecasts had given an average forecast of $4.17 billion, and the stock fell 1.1 percent to 484-1/4 pence in early trade.
BP’s earnings, however, were boosted by soaring oil prices and rising production at its new Russian venture. BP said it had achieved a record half-year result, though second-quarter profit was below the first-quarter figure of $4.717 billion.
“This has been another strong performance against the backdrop of a robust trading environment,” Chief Executive John Browne said in a statement.
“BP’s numbers appeared slightly disappointing, but it remains a very strong performance,” said Investec analyst Bruce Evers, who has a “buy” rating on the stock.
DIVIDEND DELIGHT
BP BP.L is the first of the world’s top three oil companies to report second-quarter results. Global leader Exxon and Shell, the world’s third-largest oil group, report later this week.
Shell’s statement in January that it had overbooked oil and gas reserves by 20 percent stunned financial markets, but record oil prices and bumper profits by top oil firms have kept the sector popular.
“The big oil stocks have got defensive merits,” said Cavendish Asset Management fund manager Paul Mumford, whose portfolio includes BP and Shell.
BP said it would increase its quarterly dividend to 7.10 cents from 6.75 cents, and added it would continue the share buy-back.
Cheuvreux analyst Peter Hitchens said the dividend increase was higher than expected, and that BP prospects remained good.
“BP’s future looks bright,” said Hitchens.
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
MORE DETAILS:
A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
