BP PROFIT $4 BLN
BP - BP p.l.c. Group results Third quarter and nine months 2017
Year-to-date organic balance at $49 a barrel
Share buybacks announced to offset scrip dilution
Reported third quarter group oil and gas production up 14%
• Underlying replacement cost (RC) profit* for the third quarter was $1.9 billion, compared with $684 million in previous quarter.
• Third-quarter operating cash flow, excluding Gulf of Mexico oil spill payments*, was $6.6 billion. Including these payments, operating cash flow* for the quarter was $6.0 billion.
• Underlying operating cash flow* in first nine months exceeded organic capital expenditure* plus full dividend* – equivalent to organic cash balance including full dividend at Brent oil price of $49 a barrel, or $42 a barrel including cash dividend only(a).
• Dividend unchanged at 10 cents per share.
• Recommencing share buyback programme in fourth quarter to offset ongoing dilutive effect of scrip dividends over time.
• Reported group oil and gas production in the third quarter averaged 3.6 million barrels of oil equivalent a day, 14% higher than in the third quarter of 2016.
• Three Upstream major projects* began production in the quarter.
• Downstream underlying quarterly earnings were the highest for five years, second-highest on a RC basis.
• Around $4.5 billion in disposal proceeds are expected for full year 2017, with $1.0 billion received in first nine months. Proceeds expected in the fourth quarter include those from the SECCO transaction ($1.4 billion) and the initial public offering of BP Midstream Partners LP's common units ($0.7 billion).
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AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.
TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.
ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.
FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.