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BP reports one of its strongest quarters in years
07 February 2018, 12:39 | Austin Hogan
Bob Dudley chief executive said that 2017 had been one of the strongest years in BP’s recent history Suzanne Plunkett Reuters
The results reflect the benefits of higher oil prices on BP's business, oil is trading at $70 per barrel in the recent weeks -the highest level in three years. "All of the businesses are firing on all cylinders", CEO Bob Dudley told CNBC on Tuesday.
BP Plc (LON:BP) has boasted of "strong delivery and growth" in the fourth quarter of 2017, highlighted by improved upstream production and underlying profit, meanwhile, a further US$1.7bn charge associated with the Gulf of Mexico meant the group reported only a small profit.
Dividend per share remains at 10 cents.
"The past year was one of the strongest in the BP's recent history", said the CEO of BP, Bob Dudley.
Seven new major projects delivered, boosting oil and gas production.
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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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 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 was added about 1-billion of barrels of oil equivalent to its reserves in 2017, the largest since 2004, thanks to six discoveries, including in Senegal and the North Sea. The group benefitted from a rise in oil prices, with the price of a barrel of Brent crude having surged by 40 percent since July.
Downstream earnings were very strong with underlying replacement cost profit of $7.0 billion, 24% higher than 2016.
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