Newspaper article The Evening Standard (London, England)

BP Production Is Highest in Eight Years as Profits Boom

Newspaper article The Evening Standard (London, England)

BP Production Is Highest in Eight Years as Profits Boom

Article excerpt

Byline: Angela Jameson

ADVENTURES in exploring for fresh sources of oil have helped BP deliver its strongest set of results in years with production hitting its highest level since 2010.

Fourth-quarter profits at the oil giant more than quadrupled as prices surged and the firm's new production came on stream.

Underlying profits for 2017 leapt to $6.2 billion (PS4.4 billion) compared with $2.6 billion in 2016.

Production increased by 12% to 3.6 million barrels a day and operating cashflow for the year, excluding Gulf of Mexico oil spill payments, was up 40% at $24.1 billion. Chief executive Bob Dudley said: "We had our most successful year in exploration since 2004. We had our best reserve replacement ratio in over a decade. It has been one of our best years in history [in downstream]."

Referring to tumbling global share prices, Dudley said: "We will keep advancing through any rough waters the markets send us."

BP, like rival oil giant Shell, is raking in the cash as oil prices soared recently to a three-year high of $70 a barrel, up from an average of $54 a barrel in 2017. …

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