High Oil Prices, High Oil Company Profits

BP PLC reported a 28 percent rise in second quarter net profit Tuesday on surging energy prices and vowed to fight for its troubled Russian joint venture, TNK-BP. BP, Europe's second biggest oil producer behind, posted net profit of $9.47 billion for the three months ending June 30, up from $7.38 billion in the same period a year ago. Revenues jumped 49 percent to $110.98 billion as the price for a barrel of oil rose by around 35 percent over the quarter.

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