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Oil companies enjoy record earnings in UK { October 4 2005 } Original Source Link: (May no longer be active)    http://news.ft.com/cms/s/c05f9ef2-350b-11da-9e12-00000e2511c8.html http://news.ft.com/cms/s/c05f9ef2-350b-11da-9e12-00000e2511c8.html Corporate profits at five-year high in UK By Chris Giles, Economics Editor Published: October 4 2005 21:18 | Last updated: October 4 2005 21:18 UK corporate profitability has risen to its highest level for five years as oil companies enjoy record earnings in the North Sea and manufacturers show early signs of recovery. After adjusting for depreciation, British non-financial companies made a 13.7 per cent rate of return on capital employed in the second quarter of this year - the highest level since 2000 - up from 13.3 per cent in the first quarter, official figures show. The upbeat sentiment has been reflected in the performance of the FTSE. The blue chip index has risen 14 per cent so far this year and on Monday closed above 5,500 for the first time in four years. The mid cap FTSE 250 is at an all-time high. Profitability, combined with the lower cost of debt, has also boosted hopes of further mergers and acquisitions in London before the end of the year. But investment growth in the UK and in other industrial ised economies remains sluggish. In the UK, the value of business investment increased by 4.1 per cent in the year to the second quarter, a touch slower than the economy as a whole. In the eurozone, the Organisation for Economic Co-operation and Development expects investment to increase by only 2 per cent and even in the strongly growing US economy, it expects investment growth to slow from a 9 per cent rate in 2004 to 5.8 per cent in 2005. Companies operating in the North Sea increased their return on capital from 30.6 per cent at the start of the year to 33.7 per cent between April and June. Their booming returns contrasted with the manufacturing sector, which enjoyed a rise in profitability from 6 per cent in the first quarter to 7.5 per cent in the second. But it has struggled to achieve rates of return above 10 per cent since 2000. Roger Bootle of Deloitte, the accountants, said high oil prices were increasing caution in the economy by raising costs and damping revenue growth.

August brings record highs in oil prices BP oil refinery blast in texas bumps prices Bp profits up 34 precent Chevron profits up with prices { July 29 2005 } Concern over iraqi oil during elections Crude futures stay above 67 { August 26 2005 } Crude oil surges with another storm in mexico gulf Crude prices inch toward 50 a barrel Current oil price levels unsustainably high { December 4 2005 } Decline in inventory larger than expected Depot explosion near london raises oil prices Exxonmobile shell post record profits Exxonmobile tells gas station owners to gouge Gas price drops due to less demand due to high prices Gas prices drop sharply after climbing Gasoline futures surge to record high after katrina { August 31 2005 } Gasoline pump prices high despite crude fall Goldman sachs predicts spike to 105d barrel { March 31 2005 } Greenspan says world must live with high prices Hurricane katrina shoots oil to over 70b Investors raising prices by betting on shortages { March 16 2005 } July futures send above 58 year record { June 17 2005 } London attack causes oil price drop London explosions causes oil price plunge Market shouldnt expect anything from opec More bicycles than cars sold due to oil prices No difficulties on supply side Oil approaches 61 as tropic storms threaten sypply Oil climbs to six week high in january 2005 Oil companies enjoy record earnings in UK { October 4 2005 } Oil demand outpacing supply concerns Oil dives below 50 on dollar gains { May 12 2005 } Oil drops below 50 a barrel Oil falls below 50 in april yet pump prices sour { April 28 2005 } Oil falls below 51 on high inventories { April 13 2005 } Oil hits 64 barrel over supply concern Oil hits new high amid norway strike fears { June 21 2005 } Oil hits record highs as saudi king dies Oil market oversupplied says iran Oil nears 61 as gulf storm gathers again { July 13 2005 } Oil prices hover around 55 dollars Oil prices stay firm above 51 dollars Oil reaches record 58 on supply concerns Oil supplies up as price tops 51 dollars Opec chief wants to increase production Opec oil output highest since 1979 { August 4 2005 } Opec oil output strong { April 2005 } Opec predicts 80 dollar barrel oil spike Opec production surpasses demand OPEC warns that oil prices will stay high Other factors not supply driving up oil Prices fed by speculation and unwarranted fear { April 5 2005 } Prices high despite adequate fuel supply Shell profits soar to historic highs Small car interest falls with gas prices { October 2005 } Speculation by hedge funds running up price US has 700m barrel reserves of oil US oil supplies increase as OPEC boosted production { June 28 2002 } US report sees gasoline prices moving higher still { April 8 2005 } Files Listed: 59

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