BP Nets $6.2 Billion Profit Amid Debate About Windfall Taxes
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Despite a massive $24 billion write-down for its exposure to Russia, British oil giant BP and its industry peers are minting money faster than they're pumping dead dinosaurs out of the Earth's crust.
The British oil giant made it rain this Tuesday with news of a reported $6.2 billion underlying profit in the first quarter, up from $2.6 billion in the same period last year -- crushing analysts' expectations of $4.5 billion. The company now faces a delicate balancing act: returning that excess value to investors while assuring governments it isn't profiteering in a struggling economy.
Source Fool.com