BP: earnings more than double in 2018
(CercleFinance.com) - BP's earnings more than doubled in 2018, boosted by higher prices and a rise in production, with the company saying that its strategy is "clearly working.
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For the full year, underlying replacement cost profit - a measurement of profit adjusted for non-operating items - was 12.7 billion dollars, compared with 6.2 billion dollars in 2017.
Full-year production rose 2% to 3.68 million barrels per day, it said, as the British giant absorbed the BHP acquisition.
However, upstream unit production costs were higher than in 2017, due to increased wellwork activity and the impact of higher prices on production entitlements, BP said.
With the bounce in the Brent price in 2018 to 71 dollars a barrel, from 54 dollars in 2017, BP had an operating cash flow - excluding Gulf of Mexico oil spill payments - of 26.1 billion dollars, compared with 24.1 billion dollars in 2017.
BP shares are trading up 3.4% this morning, outperforming the 0.8% rise of the FTSE 100 index.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
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For the full year, underlying replacement cost profit - a measurement of profit adjusted for non-operating items - was 12.7 billion dollars, compared with 6.2 billion dollars in 2017.
Full-year production rose 2% to 3.68 million barrels per day, it said, as the British giant absorbed the BHP acquisition.
However, upstream unit production costs were higher than in 2017, due to increased wellwork activity and the impact of higher prices on production entitlements, BP said.
With the bounce in the Brent price in 2018 to 71 dollars a barrel, from 54 dollars in 2017, BP had an operating cash flow - excluding Gulf of Mexico oil spill payments - of 26.1 billion dollars, compared with 24.1 billion dollars in 2017.
BP shares are trading up 3.4% this morning, outperforming the 0.8% rise of the FTSE 100 index.
Copyright (c) 2019 CercleFinance.com. All rights reserved.