Flame on

2 May 2003

First quarter profits tripled at Exxon, more than doubled at BP, and rose 96% at Shell all thanks to high oil prices. There are peak earnings. So is it downhill from now on? Perhaps. But a fall in oil prices is not the biggest risk for the Three Sisters.

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Oil companies ExxonMobile, BP and Shell reported record profits for the first quarter, largely thanks to the war in Iraq and political strife in Nigeria and Venezuela, which boosted oil prices.

BP's profits rose by 132% to $3.73bn, at Exxon they more than tripled to $7.04bn, while Shell's earnings – adjusted to reflect the current cost of supply – rose by 96% to $3.91bn. Oil prices in the first three months of the year rose above $30 per barrel – a 12 year high.

Strong gas prices and improved refining and marketing margins further helped the industry.

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