In oil trading, BP had an average of $29 million a day at risk, up from $26 million in 2003. In natural gas, BP, the biggest gas producer in the United States, had $13 million at risk, down from $16 million a year earlier. Its risk in electricity markets was $4 million, for a total value at risk of $46 million.
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BP Made Stunning Profit
UK oil and gas giant British Petroleum, the world's second-largest publicly company...
UK oil and gas giant British Petroleum, the world's second-largest publicly traded oil company, made $1.99 billion trading oil, gas and power last year, 55 per cent more than in 2003, due to enhanced oil and fuel demand which sent crude prices to a record.
The total, detailed in BP's annual report released on Tuesday, represents 8 per cent of the company's pre-tax profit last year and is almost equal to what BP earned in the United Kingdom.
Oil prices above $50 a barrel last year led to a surge of interest from hedge funds and led investment banks including Barclays Plc and Deutsche Bank AG to hire more traders, filling a gap left by the collapse of Enron Corp in 2001. BP's trading unit, led by Oxford University graduate Vivienne Cox, took greater risks and put more money on the line, BP's report showed.
In oil trading, BP had an average of $29 million a day at risk, up from $26 million in 2003. In natural gas, BP, the biggest gas producer in the United States, had $13 million at risk, down from $16 million a year earlier. Its risk in electricity markets was $4 million, for a total value at risk of $46 million.
In oil trading, BP had an average of $29 million a day at risk, up from $26 million in 2003. In natural gas, BP, the biggest gas producer in the United States, had $13 million at risk, down from $16 million a year earlier. Its risk in electricity markets was $4 million, for a total value at risk of $46 million.
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