BP and Shell Announce Record (Fat) Profits During First Quarter

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.