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.