Business

BP earnings double on larger oil value

BP earnings double on larger oil valueā€¯

Underlying replacement cost profit was $6.2 billion for the full year of 2017 and $2.1 billion for the fourth quarter, compared with $2.6 billion and $400 million for the full year and fourth quarter of 2016 respectively.

Fourth-quarter oil and gas production rose 18 percent from a year earlier to 2.58 million barrels of oil equivalent a day.

"2017 was one of the strongest years in BP's recent history", BP Chief Executive Bob Dudley said in a statement. "And we did all this while maintaining safe and reliable operations", the CEO said.

BP's share price, however, has fallen deep into the red in London this morning, having given up 1.17 percent to 476.40p as of 08:45 GMT.

BP echoed Shell in saying its improved results primarily reflected higher oil prices. Last week, the oil giant hadannounced that it hoped to double North Sea oil production to 200,000 barrels by 2020. "We are entering the second year of our five-year plan with a real impetus, more and more confident that we can continue to grow", added he.

The London-listed company saw one of the strongest output increases in its history previous year, lifting production to levels not seen since the 2010 Deepwater Horizon spill.

In 2017, BP managed to cover the costs and pay full dividends at oil prices of 50 Dollars per barrel.

BP has reported a surge in profits thanks to higher oil prices and increased production as it hailed its strongest year for exploration since 2004.

Adjusted net income of $2.11 billion beat analysts' expectations of $1.95 billion. As of October it had managed just USD1.0 billion in divestments, but achieved USD2.5 billion in the fourth quarter overall.

"The full-year underlying result was more than double a year earlier, our organic cash flows are back in balance and our financial frame remains resilient". BP said it expects capex to be within a range of USD15.00 billion to USD16.00 billion in 2018.

During the fourth quarter, BP re-started its share buyback programme to offset dilution related to its scrip dividend alternative.



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