• 4 minutes Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 8 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 11 minutes Why Trump Is Right to Re-Open the Economy
  • 13 minutes Its going to be an oil bloodbath
  • 1 hour US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 2 hours While China was covering up Covid-19 it went on an international buying spree for ventilators and masks. From Jan 7th until the end of February China bought 2.2 Billion masks !
  • 31 mins Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 6 hours Marine based energy generation
  • 2 hours China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 4 hours Today 127 new cases in US, 99 in China, 778 in Italy
  • 10 hours Real Death Toll In CCP Virus May Be 12X Official Toll
  • 20 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 1 day Trafigura CEO Weir says, "We will see 30% to 35% drop in demand". That amounts to 35mm bbls/day glut ! OPEC+ 10 mm cut won't fix it. It's a DEMAND problem.
  • 35 mins Apple to Bypass Internet and Beam Directly to Phones
  • 6 hours Which producers will shut in first?
  • 16 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
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 Has Its Most Successful Year This Decade

Higher oil prices and increased upstream production from newly started fields helped BP (NYSE:BP) to more than double its 2017 earnings and beat expectations for Q4 profit.

BP reported on Tuesday an underlying replacement cost (RC) profit—its preferred metric for net income—of $6.2 billion for 2017, compared with $2.6 billion for 2016, in what CEO Bob Dudley described “was one of the strongest years in BP’s recent history.”

For the fourth quarter, BP booked underlying RC profit of $2.1 billion, up from $400 million for the same period of 2016, and ahead of the analyst expectations of $1.9 billion.

BP’s earnings were better than expected, unlike those of Exxon and Chevron who reported last week weaker than forecast Q4 results.

BP’s upstream production, excluding the company’s share of Rosneft production—in which BP holds 20 percent—increased by 12 percent on the year in 2017—the highest since 2010, thanks to seven new oil and gas projects.

Downstream earnings increased by 24 percent to $7.0 billion.

In exploration, BP said that it had its most successful year since 2004, with around 1 billion barrels of oil equivalent (boe) resources discovered.

The group’s operating cash flow—excluding the payments for the Gulf of Mexico oil spill—rose to $24.1 billion in 2017 from $17.6 billion in 2016. The payments related to the Deepwater Horizon disaster continue to weigh on BP’s finances, with Gulf of Mexico oil spill payments in 2017 at $5.2 billion, down from $6.9 billion in 2016.

BP has spent $343 million on the share buyback that it launched in the fourth quarter, fully offsetting the dilution from scrip dividends issued in the third quarter. Related: Maduro Proposes OPEC Cryptocurrency

“Our share buyback programme in the fourth quarter offset the dilution from scrip dividends issued in September and our intent remains to offset any ongoing scrip dilution through further buybacks over time,” chief financial officer Brian Gilvary said in a statement.

Commenting on the 2018 plans, Dudley told CNBC:

“We’re not planning on $70 a barrel. We’re going to plan our year on $55 to $60, roughly, and if is higher we’ll more than deliver on our promises.”

Richard Hunter, head of markets at interactive investor, told the BBC:

“Wider market weakness has eclipsed the sturdy performance which BP has delivered. The company’s ability to generate cash remains prodigious. BP is in fine shape, particularly considering the tribulations of recent times.”

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