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2018-02-07 07:30:00

BP PROFIT $3.4 BLN

BP PROFIT $3.4 BLN

BP - BP p.l.c. Group results Fourth quarter and full year 2017

Strong delivery and growth across BP
– Underlying profit up 139%
– Organic cash flows back in balance
– Downstream underlying profit up 24%
– Upstream production up 12%
– Reserves replacement ratio 143% for BP group
– Share buybacks, offsetting scrip dilution, restarted

 

  • Underlying replacement cost profit* was $6.2 billion for full year 2017 and $2.1 billion for the fourth quarter, compared with $2.6 billion and $400 million for full year and fourth quarter 2016 respectively.
  • Operating cash flow for 2017, excluding Gulf of Mexico oil spill payments*, was $24.1 billion, compared with $17.6 billion in 2016. Gulf of Mexico oil spill payments in 2017 were $5.2 billion, compared with $6.9 billion in 2016.
  • Downstream earnings were very strong with underlying replacement cost profit of $7.0 billion, 24% higher than 2016.
  • Operational reliability was high, with refining availability* and Upstream BP-operated plant reliability* both 95%.
  • Seven new major projects* delivered, boosting oil and gas production. Upstream production, excluding BP’s share of Rosneft production, was 12% higher than 2016, the highest since 2010. Including Rosneft, production was 3.6 million barrels of oil equivalent a day, 10% higher than 2016. Oil and gas realizations were 25% higher.
  • Exploration delivered the most successful year for BP since 2004, with around 1 billion boe resources discovered.
  • Dividend unchanged at 10 cents per share.
  • BP began share buybacks in the fourth quarter, spending $343 million, fully offsetting the dilution from scrip dividends issued in the third quarter.
  • Non-operating items in the fourth quarter, which are excluded from underlying profit, included a $0.9 billion charge for US tax changes and a $1.7 billion post-tax charge relating to a further provision for claims associated with the oil spill.

 

 

Bob Dudley – Group chief executive:
"2017 was one of the strongest years in BP's recent history. We delivered operationally and financially, with very strong earnings in the Downstream, Upstream production up 12%, and our finances rebalanced. And we did all this while maintaining safe and reliable operations.
"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.
"At the same time, we are embracing the energy transition, seeking new opportunities in a changing, lower-carbon world."

 

 

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Earlier:

 BP EXPANDS IN CHINA
2018, February, 5, 07:30:00

BP EXPANDS IN CHINA

BP - BP and Shandong Dongming Petrochemical Group (Dongming Petrochemical) announced the signing of joint venture agreements to develop a leading branded retail fuels and convenience business covering the Chinese provinces of Shandong, Henan and Hebei. Subject to regulatory approvals, the partnership with Dongming Petrochemical will start operations in 2018 and the network is expected to grow to 500 sites in 10 years. BP has a 49% equity share of the joint venture and Dongming Petrochemical the remaining 51%.

 

 BP PAYS $1.7 BLN
2018, January, 17, 23:20:00

BP PAYS $1.7 BLN

BP - The Court Supervised Settlement Program (CSSP) established as part of the Deepwater Horizon (DWH) class action settlement is winding down. BP now expects to take a post-tax non-operating charge of around $1.7 billion in its fourth quarter 2017 results for the remaining Business Economic Loss (BEL) and other claims associated with the CSSP. The cash impact is expected to be spread over a multi-year period.

 

 РОСНЕФТЬ И BP РЕАЛИЗУЮТ
2017, December, 25, 20:15:00

ROSNEFT - BP DEVELOPMENT

ROSNEFT - Rosneft and BP have agreed to develop subsoil resources within the Kharampurskoe and Festivalnoye licence areas of the Yamalo-Nenets Autonomous Okrug in northern Russia, with total geological reserves exceeding 880 bcm of gas.

 BP: ZOHR HAS STARTED
2017, December, 20, 19:20:00

BP: ZOHR HAS STARTED

BP - BP confirmed that production has started from the super-giant Zohr gas field, offshore Egypt. The field is operated by Eni, through its joint venture with The Egyptian General Petroleum Corporation (EGPC), and is the largest natural gas discovery yet to be made in the Mediterranean Sea.

 

 BP INVESTS TO SOLAR
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

 

 BP, SHELL, STATOIL COOPERATION
2017, November, 7, 12:10:00

BP, SHELL, STATOIL COOPERATION

Energy majors BP, Shell and Statoil are to co-develop a blockchain-based digital platform for energy trading.

 

 

 BP PROFIT $4 BLN
2017, November, 1, 13:15:00

BP PROFIT $4 BLN

Bob Dudley – Group chief executive: “We are steadily building a track record of delivering on our plans and growing across our businesses. This quarter, three new Upstream projects and the highest Downstream earnings in five years, underpinned by reliable operations and disciplined spending, have generated healthy earnings and cash flow. There is still room for further improvement and we will keep striving to increase sustainable free cash flow* and distributions to shareholders.”

 

 

Tags: BP,

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