BP PROFIT $9.4 BLN

BP - BP p.l.c. Group results Fourth quarter and full year 2018

• More than double full-year earnings, near double returns

– Underlying replacement cost profit for full year 2018 was $12.7 billion, more than double that reported for 2017. The fourth quarter result was $3.5 billion, driven by the strong operating performance across all business segments.

– Return on average capital employed was 11.2% compared to 5.8% in 2017.

– Operating cash flow, excluding Gulf of Mexico oil spill payments, for full year 2018 was $26.1 billion, including a $2.6 billion working capital build (after adjusting for inventory holding losses). This compares with $24.1 billion for 2017, which included a working capital release of $2.6 billion.

– Gulf of Mexico oil spill payments in 2018 totalled $3.2 billion on a post-tax basis.

– Total divestments and other proceeds in 2018 were $3.5 billion. BP intends to complete more than $10 billion divestments over the next two years, which includes plans announced following the BHP transaction.

– Dividend of 10.25 cents a share announced for the fourth quarter, 2.5% higher than a year earlier.

• Record Upstream reliability, record refining throughput

– Operational reliability was very strong in 2018 for both main business segments.

– For the year, BP-operated Upstream plant reliability was a record 96%, and Downstream delivered refining availability of 95% and record refining throughput.

– Reported oil and gas production averaged 3.7 million barrels of oil equivalent a day for 2018. Upstream underlying production, which excludes Rosneft, was 8.2% higher than 2017.

• Growing the business, advancing the energy transition

– Six Upstream major projects started up in 2018, making a total of 19 brought online since 2016.

– Reserves replacement ratio (RRR) for 2018, including Rosneft, is 100%. Including acquisitions and disposals, RRR is 209%, primarily reflecting the BHP transaction.

– Fuels marketing continued to grow, with over 25% more convenience partnership sites, as well as further retail expansion in Mexico.

– BP set out its approach to advancing the energy transition in 2018, introducing its ‘reduce-improve-create’ framework and setting clear targets for operational greenhouse gas emissions, towards which it is already making significant progress.

– BP acquired UK electric vehicle charging company Chargemaster and Lightsource BP saw important expansion internationally.

Bob Dudley – Group chief executive:
We now have a powerful track record of safe and reliable performance, efficient execution and capital discipline. And we're doing this while growing the business – bringing more high-quality projects online, expanding marketing in the Downstream and doing transformative deals such as BHP. Our strategy is clearly working and will serve the company and our shareholders well through the energy transition.

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Earlier: 

2018, November, 2, 11:45:00 BP - BHP ACQUISITION: $10.5 BLN BP - BP has completed the $10.5 billion acquisition of BHP’s U.S. unconventional assets in a landmark deal that will significantly upgrade BP’s U.S. onshore oil and gas portfolio and help drive long-term growth.

2018, October, 31, 12:55:00 BP PROFIT $3.9 BLN BP - For the third quarter, underlying RC profit was $3,838 million, compared with $1,865 million in 2017. Underlying RC profit is after adjusting RC profit for a net charge for non-operating items of $649 million and net adverse fair value accounting effects of $98 million (both on a post-tax basis). RC profit was $3,091 million for the third quarter, compared with $1,379 million in 2017.

2018, October, 12, 11:25:00 BP: OIL PRICE $60 - $65 PLATTS - "If sanctions were put on Rosneft or Lukoil or Gazprom, like what happened to Rusal, you would virtually shut down the energy systems of Europe," Dudley said.

2018, October, 10, 07:35:00 BP AND ENI IN LIBYA BP - Libya’s National Oil Corporation, BP and Eni today signed an agreement expected to lead to Eni and BP working together to resume exploration activities on a major exploration and production contract in Libya.

2018, August, 1, 09:05:00 BP PROFIT $2.8 BLN BP - BP’s profit for the second quarter and half year was $2,799 million and $5,268 million respectively, compared with $144 million and $1,593 million for the same periods in 2017.

2018, July, 27, 12:25:00 BP GAS INVESTMENT $10.5 BLN BP - “This is a transformational acquisition for our Lower 48 business, a major step in delivering our Upstream strategy and a world-class addition to BP’s distinctive portfolio. Given our confidence in BP’s future – further bolstered by additional earnings and cash flow from this deal – we are increasing the dividend, reflecting our long-standing commitment to growing distributions to shareholders.”

2018, July, 11, 08:45:00 BP INVESTS IN DIGITAL £1.5 MLN BP - BP Ventures, in support of BP Alternative Energy’s strategy in low-carbon power, storage and digital energy, has invested £1.5 million in Voltaware, whose innovative energy monitor offers businesses the ability to track their energy demand in detail, down to individual appliances.