BP records 'one of the strongest years'

Posted February 07, 2018

BP said Tuesday its full-year profit for 2017 was $6.2 billion, compared with $2.6 billion the previous year.

Underlying replacement cost profit was $2.11 billion for the fourth quarter, compared to $400 million a year ago.

The seven new projects contributed more than 500 million barrels of oil a day net new production capacity to the group and BP's 1 billion barrels of oil equivalent discovered resources in 2017 was its best result since 2004.

BP (LON:BP) saw its profits soar in 2017, with the group having benefitted from an upswing in oil prices, the blue-chip company has disclosed.

Chief executive Bob Dudley hailed today's result "as one of the strongest years in BP's recent history".

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The Zohr natural gas project in Egypt was counted as one of BP's shining achievements a year ago. "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.

Production for 2017 in Upstream rose 12% to 2.5 million barrels of oil equivalent per day excluding Rosneft, reaching its highest level since 2010, with production costs falling 16% year-on-year to USD7.11 per barrel of oil equivalent.

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

Operating cash flow was $24.1 billion compared to $17.6 billion in 2016, increasing by a 24 percent, excluding the Gulf of Mexico oil spill payments.

The company is not the only oil giant to defy analysts' expectations.

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Performance, meanwhile, spilled over to shareholders in the form of a 10 cent quarterly dividend, payable March 29.

BP also took a one-off charge of $900m to adjust to new USA tax rules, although it expected a long-term boost from the lowered corporate tax rates.

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

BP would generate profit in 2018 at an oil price of $50 a barrel, chief financial officer Brian Gilvary said, as years of spending cuts kicked in and as it slowly shakes off a $65bn bill for penalties and clean-up costs of the 2010 spill.

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