Sunday 18 March 2018

Oil price rally helps BP profits more than double

Nick Ansell/PA Wire
Nick Ansell/PA Wire

Ben Woods

Oil giant BP has cheered one of the strongest years in the company's recent history after a hike in the cost of crude helped annual profits more than double.

The energy giant saw underlying replacement cost profit - BP's preferred income measure - soar to $6.2bn for 2017, up from $2.6bn the year before.

On a fourth-quarter basis, BP chalked up another rise at $2.1bn, climbing from $400m over the same three-month period in 2016.

BP is among a string of oil majors benefiting from climbing prices, having seen Brent crude hit $70 per barrel last month - its highest level in more than three years.

Group chief executive Bob Dudley said: "2017 was one of the strongest years in BP's recent history.

"We delivered operationally and financially, with very strong earnings in the downstream, upstream production up 12pc, and our finances rebalanced.

"We enter the second year of our five-year plan with real momentum, increasingly confident that we can continue to deliver growth across our business, improving cash flows and returns for shareholders out to 2021 and beyond."

Press Association

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