Economy

BP's 'strongest year' delivers £4.4bn profit boom

BP's 'strongest year' delivers £4.4bn profit boom

Excluding such one-off costs, which sent BP to a fourth-quarter loss, underlying profits for 2017 more than doubled to $6.2 billion, from $2.6 billion a year earlier and... Output tallied 3.6mln barrels oil equivalent per day, including contributions for the company's stake in Rosneft.

Oil companies have been boosted by the rising price of crude oil.

The FTSE 100 energy giant's better than expected full-year results revealed strong operating cash flows, which were driven higher by the recovery in global oil prices and a 12pc growth in BP's oil and gas business.

BP said it was hit by an additional $3.18 billion of Gulf-related costs in 2017.

Chief executive Bob Dudley hailed it "as one of the strongest years in BP's recent history".

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"We delivered operationally and financially, with very strong earnings in the Downstream, Upstream production up 12%, 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", he added.

The London-listed company saw one of the strongest output increases in its history a year ago, lifting production to levels not seen since the 2010 Deepwater Horizon spill. "We're looking to generate much higher levels of free cash flow all the way through to the end of the decade and beyond".

Payments for the Deepwater Horizon spill continued to weigh on BP, which took a $1.7bn charge in the quarter due to higher-than-expected claims settlements, bringing the total legal and clean-up costs to $65bn.

BP's fortunes and reputation were left in tatters after the explosion at the Deepwater Horizon drilling rig killed 11 men off the coast of Louisiana, causing 134 million gallons of oil to spew into Gulf waters and triggering the worst environmental catastrophe in USA history.


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