• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 4 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 5 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 24 hours Will Uncle Sam Step Up and Cut Production
  • 6 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 5 hours Movie Script: Epstein Guards Suspected Of Falsifying Logs
  • 13 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 3 hours Continental Resource's Hamm (Trump Buddy) wants shale to cut production.Can't compete with peers. Stock will drop in half again.
  • 2 days Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 5 hours US Petroleum Demand Strongest Since 2007
  • 21 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 3 days I think I might be wrong about a 2020 shakeout
  • 2 days Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 52 days To be(lieve) or Not To be(lieve): U.S. Treasury Secretary Says U.S.-China Trade Deal Is 90% Done
Alt Text

A Limited Risk Play In A Shaken Market

Recession fears tanked stock markets…

Alt Text

Corn Industry Battered By Shocking Ethanol Decision

The administration just issued a…

Alt Text

Oil Markets Dominated By Bearish Sentiment

With the latest trade war…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

BP Beats Estimates, Posts Highest Profit In Five Years

Thanks to growing oil and gas production and higher prices, supermajor BP (NYSE:BP) more than doubled its 2018 earnings, beating expectations to post the highest annual profit in five years.

BP joins the other majors of the Big Oil pack—Shell, Exxon, and Chevron—who also reported solid sets of earnings last week, despite the nearly 40-percent drop in oil prices in the fourth quarter of 2018.

BP said on Tuesday that its underlying replacement cost profit—its closest metric to a net profit— more than doubled to US$12.7 billion for 2018 from US$6.166 billion for 2017, while the Q4 underlying replacement cost profit came in at US$3.477 billion, up from US$2.107 billion in Q4 2017 and slightly down from the Q3 2018 earnings of US$3.838 billion.

The full-year 2018 profit beat a company-provided consensus estimate that had forecast US$11.88 billion in earnings.  

BP’s 2018 upstream production, excluding its 20-percent stake in Russia’s Rosneft, increased by 3 percent annually to reach the highest since 2010—the watershed year for the group marred by the Deepwater Horizon disaster.

For 2019, BP expects its underlying production to be higher than 2018, thanks to the start of major projects. Further out in time, the group said in a presentation accompanying the results release that it was on track for 900,000 new barrels per day by 2021. The US$10.5-billion acquisition of U.S. shale assets from BHP in 2018 is BP’s biggest deal this century, and one that the UK supermajor will rely on for boosting production and margins.    Related: Why Are Asian Spot LNG Prices Plunging?

BP’s operating cash flow—excluding payments for the Gulf of Mexico Deepwater Horizon oil spill—rose to US$26.1 billion in 2018 from US$24.1 billion for 2017.

“Operating cash flow excluding working capital change was up 33% for the full year and 17% higher than last quarter, including a positive contribution from our new US assets. The continued strong cash flow growth underpins the balance sheet as we absorb the BHP acquisition and deliver more than $10 billion of divestments over the next two years,” BP’s chief financial officer Brian Gilvary said.

Following the results release, BP’s shares were rallying 5 percent in London shortly after noon local time, while shares in New York were up 3.58 percent in pre-market trade at 07:51 a.m. EST.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play