BP profits surge

Bob Dudley (Image: BP)

UK-based energy giant and LNG player BP reported a surge in its fourth-quarter earnings boosted by higher oil and gas prices and a rise in production from new projects.

BP’s underlying replacement cost profit, the company’s version of net profit, was at $2.1 billion, compared with $400 million in the same quarter of 2016.

For the full-year of 2017, BP’s profit rose to $6.2 billion from $2.6 billion in 2016.

BP’s chief executive Bob Dudley said 2017 was one of the strongest years in the company’s recent history.

The company launched seven new major projects during the year under review, boosting oil and gas production by 12 percent to 3.6 million barrels of oil equivalent a day, excluding its share of production from Russian partner Rosneft.

“We enter the second year of our five-year plan with real momentum, increasingly confident that we can continue to deliver growth across our business, improving cash flows and returns for shareholders out to 2021 and beyond,” Dudley said.

Share this article

Follow LNG World News

Posted on February 6, 2018 with tags .

Events>

<< Feb 2018 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 1 2 3 4

LNG Pricing, Trading & Risk Management: 3-Day Course

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools…

read more >

Asia Pacific Maritime and Offshore Exhibition 2018

7 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia…

read more >

CWC 2nd Papua New Guinea Petroleum & Energy Summit

The 2nd CWC Papua New Guinea Petroleum and Energy Summit is held under the patronage of the Prime Minister of Papua New Guinea…

read more >

CWC World LNG & Gas Series: 16th Americas Summit

Now in its 16th edition, the CWC World LNG & Gas Series: Americas Summit is the longest running LNG and gas event in the Americas region…

read more >