BP doubles annual profit amid strong upstream performance
Source - SMW
BP reported fourth quarter underlying replacement cost profit of $2.1bn compared with $400m for the same period a year ago while production for the quarter rose 18.1% to 2,581 million barrels per day.
For the full year of 2017, BP's profit soared to $6.2bn compared with $2.6bn in the previous year driven by strong earnings in the oil and gas business amid a significant uptick in oil prices. Annual production rose to 2,466m barrels per day (bpd), up 12% from 2016.
BP's fuels business reported an underlying replacement cost profit before interest and tax of $976m for the fourth quarter and $4,872m for the full year, compared with $417m and $3,727m for the same periods in 2016.
The oil giant said it expects full-year 2018 underlying production to be higher than 2017 due to the ramp-up of major projects.
"We expect first-quarter 2018 reported production to be broadly flat with the fourth quarter 2017, reflecting continued growth from the 2017 major project start-ups, offset by the expiration of the Abu Dhabi offshore concession and divestment impacts,' BP said.