Tuesday, 6 February 2018

BP profits double on higher oil price

BP's annual profits more than doubled in 2017, largely thanks to the global increase in oil prices.

The oil giant made $6.2bn (£4.4bn), up from $2.6bn made during the previous 12 months.

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

BP opened seven new oil and gas fields during 2017 and its oil production rose 12% to 2.47 million barrels of oil per day.

Last week, BP announced that it hoped to double North Sea oil production to 200,000 barrels by 2020 through a variety of projects.

"We enter the second year of our five-year plan with real momentum," Mr Dudley said.

"We are increasingly confident that we can continue to deliver growth across our business, improving cash flows and returns for shareholders out to 2021 and beyond."

Its fourth quarter profits rose to $2.1bn, compared with $400m over the same three-month period in 2016.

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

In early January, the price of oil hit $70 a barrel for the first time since December 2014.

BBC     News.