BP records 'one of the strongest years'

BP records 'one of the strongest years'
BP records 'one of the strongest years'
Author

07 February, 2018

With Rosneft included BP's production was 3.6 million barrels of oil equivalent a day, 10 percent higher than 2016.

Profit attributable to shareholders was $27 million, down from $497 million a year ago.

BP further reported that its exploration had delivered the most successful year for the company since 2004, while the group's upstream production jumped 12 percent. "And we did all this while maintaining safe and reliable operations", the CEO said.

BP echoed Shell in saying its improved results primarily reflected higher oil prices.

Oil giant British Petroleum has reported one of the strongest years in the companys recent history as soaring oil prices helped annual profits more than double in 2017.

It is set to start up six additional projects this year including in Egypt, Azerbaijan and Britain's North Sea, helping boost production by 900,000 barrels of oil equivalent per day by 2021, most of it gas.

The Zohr natural gas project in Egypt was counted as one of BP's shining achievements previous year. Total petrochemical production for 2017 was 15.3 million tonnes, up from 14.2 million in 2016.

Adjusted net income of $2.11 billion beat analysts' expectations of $1.95 billion. Since the explosion and oil spill, in April 2010, BP has paid out USD65.77 billion.

BP records 'one of the strongest years'
BP records 'one of the strongest years'

BP Plc dodged the disappointment that afflicted other oil-company earnings as it did a better job of exploiting the upswing in crude prices.

BP took a one-off charge of $900 million in the fourth quarter of 2017 to adjust to new US tax rules, though it expects a long-term boost from the corporate-friendly rates.

BP's organic capital expenditure for 2017 was USD16.5 billion, within the company's USD15.00 billion to USD17.00 billion guidance, which BP had said in October would in part be covered by asset sale proceeds. It previously said it would launch five new projects this year. Net debt fell to $37.8 billion at the end of the fourth quarter, down significantly from $39.8 billion in the preceding period. In 2018, it expects divestments between USD2.0 billion and USD3.0 billion.

Dividend per share remains at 10 cents.

BP began share buybacks in the fourth quarter, spending $343 million, fully offsetting the dilution from scrip dividends issued in the third quarter. It bought back 51 million shares at a cost of USD343.0 million during the fourth quarter of 2017.

There's no guarantee that the cost of the Deepwater Horizon disaster won't rise again, but it will be entirely manageable from cash flow this year and next, Chief Financial Officer Brian Gilvary said by phone.

BP shares were trading 0.7% lower before midday, compared with a 2.3% decline for the sector.

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