BP profits hit record $13.4bn on soaring oil price

While Wall street crashes and thousands upon thousands of US citizens join the ranks of the homeless and the dispossessed it’s good to know there are still a few who are raking it in.

BP, the British oil giant, unveiled a 23 per cent rise in profits this morning, boosted by record global crude prices.

Replacement cost profit, which strips out unrealised gains from changes in the value of fuel stocks, hit a record $13.44 billion (£6.7 billion) during the first half of the year, up from $10.93 billion a year ago.

During the second quarter to June 30 2008, profits rose from $6.48 billion to an all-time high of $6.85 billion.

Despite the record result, the company said that it was struggling to restore earnings from its troubled US refining division and offered little news on TNK-BP, its Russian joint venture.

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