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."
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.