While we’re hearing all kind of excuses to as why we’re paying more and more for gas, BP and Shell, Europe’s two largest oil companies announced (surprise – surprise…) record profits for the first quarter of the year.
In particular, Shell’s net income in the first three-months of 2008 rose to $9.08 billion, a 25% increase over last year. BP on its behalf stated that its profit increased by a huge 63% to $7.62 billion for the first quarter. Want more numbers? Well, revenue at BP jumped 44% to $89.2 billion while sales at Shell surged 55% to $114 billion…
In concern of the other oil companies, last week, the third biggest U.S. producer ConocoPhillips reported profits of $4.14 billion for the first three months of 2008 which translates to a 17% rise over the same period last year.
More fat first-quarter earnings are expected from the biggest two U.S. companies, Exxon Mobil and Chevron when they report their gains this Thursday (May 1) and Friday (May 2) respectively.