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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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.