Released on: August 14, 2008, 10:29 am

Press Release Author: Lisa Hardcastle

Industry: Financial

Press Release Summary: ABC delighted as BP unveil 23% rise in profits to $13.4bn
despite TNK-BP woes.

Press Release Body: Private Equity Placement are reported to be delighted that BP,
the British oil giant, unveiled a 23 per cent rise in profits this week, aided
mostly by record global crude prices.
Apparently, their jubilations were not dampened by the company's assertion it was
struggling to restore earnings from its troubled US refining division and offered
little news on TNK-BP, its Russian joint venture. Private Equity Placement have been
long term holders of BP stock believing that the bull market in oil has further to
run and that BP's refining capacity will improve in the near-term.
Although BP remains mired in a row with its Russian joint-venture partners over
control of TNK-BP, its chief executive, Robert Dudley, is running the business from
a secret location having fled the country last week.
Private Equity Placement's source noted that the bulk of gains were derived from
BP's exploration and production division, which benefited from "higher oil and gas
realisations" during the period.
Oil prices have averaged more than $120 a barrel in the second quarter, nearly twice
the level during the same period of 2007. Crude touched an all-time high of $147 per
barrel just a few days after the end of the quarter, on July 11.


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Contact Details: Lisa Hardcastle
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