BP profit rises with production

BP profit rises with production

BP reported a $2.1bn fourth-quarter underlying replacement cost profit, the company's definition of net income, topping forecasts for $1.9bn, a survey of analysts provided by the company showed.

Including Rosneft, production was 3.6 million barrels of oil equivalent a day, 10 percent higher than 2016.

Bob Dudley, who took over as CEO six months after the Gulf of Mexico spillage, said: "2017 was one of the strongest years in BP's recent history".

BP's strategic cooperation with Russian company Rosneft brought in underlying RC profit of USD836.0 million in 2017, well up on 2016's USD567.0 million.

"The results primarily reflected higher oil prices", the London-listed giant said.

"We enter the second year of our five-year plan with real momentum", Dudley said, adding: "We are increasingly confident that we can continue to deliver growth across our business, improving cash flows and returns for shareholders out to 2021 and beyond". "2018 should be a year where operating cash flow can cover cash capex, full cash dividend and Macondo payments without disposal proceeds".

For the full year, production costs per barrel tumbled by 16% to $7.11 (£5.09), with BP's output reaching its highest level since the year of the Gulf of Mexico oil spill.

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

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

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.

BP maintained its fourth-quarter dividend at USD0.10 per share, the same as a year ago.

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 began share buybacks in the fourth quarter, spending $343 million, fully offsetting the dilution from scrip dividends issued in the third quarter.

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