BP: profits more than doubled in 2017
(CercleFinance.com) - BP said on Tuesday that 2017 has been one of the strongest years in its recent history, with full-year underlying profits more than doubling.
The British oil major said underlying replacement cost profit - a measure of earnings that excludes Gulf of Mexico oil spill payments - was 6.2 billion dollars last year, up from 2.6 billion dollars in 2016.
In the fourth quarter alone, underlying replacement cost profit was 2.1 billion dollars, compared with 400 million dollars in fourth-quarter 2016, thanks to higher oil and gas prices.
Downstream underlying profit rose by 24%, while upstream production was up 12%, the company said. Its dividend remained unchanged at 10 cents per share.
After these figures, BP's shares fell 1.4% to 475.1 pence, although they are outperforming the STOXX Europe 600 Optimised Oil & Gas index, which is down 2.6%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The British oil major said underlying replacement cost profit - a measure of earnings that excludes Gulf of Mexico oil spill payments - was 6.2 billion dollars last year, up from 2.6 billion dollars in 2016.
In the fourth quarter alone, underlying replacement cost profit was 2.1 billion dollars, compared with 400 million dollars in fourth-quarter 2016, thanks to higher oil and gas prices.
Downstream underlying profit rose by 24%, while upstream production was up 12%, the company said. Its dividend remained unchanged at 10 cents per share.
After these figures, BP's shares fell 1.4% to 475.1 pence, although they are outperforming the STOXX Europe 600 Optimised Oil & Gas index, which is down 2.6%.
Copyright (c) 2018 CercleFinance.com. All rights reserved.