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BP Doubles Profits in Third Quarter to $4.9 Billion

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"BP Doubles Profits in Third Quarter to $4.9 Billion"

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by Noreen Nielsen

BP announced early this morning that its third-quarter profits more than doubled as a result of high oil prices, earning them $4.9 billion, and bringing their total profits earned in 2011 to nearly $16 billion. A is quick look at some other key facts:

  • BP has spent over $3.7 million on lobbying Congress in 2011.
  • BP has made over $65,000 in political contributions in just 2011, with 70 percent of contributions going to Republicans.
  • BP is sitting on $19 billion in cash on hand. Added together, the Big Five oil companies — BP, Exxon, Chevron, ConocoPhillips and Shell — are sitting on cash resources of $59 billion and made nearly $1 trillion in profits over the past decade.
  • Despite this, BP and its other Big Oil allies continue to aggressively lobby Congress to maintain their billions of dollars in oil industry tax breaks.

Moreover, BP — responsible for the worst oil spill in U.S. history — has only paid out about $7 billion of the $20 billion fund set up to pay compensation claims to the economic victims of the Gulf of Mexico oil spill.

Related Post:  “As Gulf Coast suffers, BP Q1 profits soar to $7 billion

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5 Responses to BP Doubles Profits in Third Quarter to $4.9 Billion

  1. prokaryotes says:

    Tony Hayward, the former chief executive of oil giant BP, reportedly said his new oil company Genel Energy could be interested in buying Norwegian operator DNO.

    Shareholders in DNO – which, like Genel, operates in the Kurdistan region – are due to vote next week on plans to merge with RAK Petroleum, based in the United Arab Emirates.
    http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/8849110/Genel-chief-Tony-Hayward-interested-in-buying-Norways-DNO.html

  2. Merrelyn Emery says:

    I wonder if they’ve got enough in the piggy bank now to invest a little lump in renewables? ME

    • Leif says:

      Not until the profit margin changes. It is up to the people to do that. Occupy the world They are…

      Sunshine on Wall Street Vampires.

  3. prokaryotes says:

    CBO: Top 1% getting exponentially richer
    http://www.cbsnews.com/8301-250_162-20125589/cbo-top-1-getting-exponentially-richer/

    Any protest will met with brutal police force and jail time.

  4. Chris Winter says:

    After April 2010, there was a spate of books on the Gulf Gusher. I haven’t read any of those yet. But I’m now reading Poisoned Legacy by Mike Magner, about BP in general. It’s very good.