Business

BP reported profit growth in 4Q.
by Milota Sidorova

According to economist this crisis was the shortest and the least interesting crisis in the history. The bottom was hit in March last year, but since then the profits (on markets) were on increase.Comparing to that moment, the world's economy is about 150 percent climbing up, right now. But is it a sustainable profit? Is it a sustainable trend if all the economy is dependent on the oil production? The last bigger oil field was found in middle 90's in Saudi Arabia. Since then each country is desperately seeking for a response. The U.S. Even cancelled the law that prevented from oil production in the Gulf of Mexico. So it is with major oil companies. BP – the biggest pl! ayer in European stage reported a net profit of 4.295 billion dollars for the last four months of 2009. The year 2008 ended in 3.34 billion dollars loss. Although BP was posting a growth, its stocks slid 4.5 percent on London's benchmark FTSE 100 index. The profit didn't meet the analyst's expectations. Still according BP CEO Tony Hayward it was the best year. The company proved to be profitable and viable. The production increased four percent last year. It means 3.998 million barrels of oil. It was also the first year digging out in the Thunder Horse field in the US Gulf of Mexico. BP also admitted some restructuring processes with the goal to reduce cash costs. The reduction seems to remain the management priority in 2010 that was the aim well known since Hayward replaced his ancestor John Browne. During Browne's “reign” BP became the world's third largest energy group. The world's biggest energy company ExxonMobil reported 23 percent profit drop on Monday. !

related story (sgx16322): http://www.france24.com/en/20100202-bp-swings-back-profit-fo...

by Milota Sidorova for SigEx Ventures (http://sigexventures.com)

SigEx Ventures's matrix of properties are quickly becoming leaders in digital telebroadcasting, free content delivery allowing people to easily talk, view, upload and share through free online TV broadcasting, free unlimited global calls, video blogs and SMS. SigEx Ventures invests in projects deploying "free" to add-on royalty revenue models

posted by Blog TechSource @ 11:50 PM