BP says annual profit rockets on higher oil prices

BP share price Group’s annual profits surge as oil price recovers

BP reported a $2.1bn fourth-quarter underlying replacement cost profit, the company's definition of net income, topping forecasts for $1.9bn, a survey of analysts provided by the company showed.

Fourth-quarter oil and gas production rose 18 percent from a year earlier to 2.58 million barrels of oil equivalent a day.

British oil and gas company BP (BP.L) will increase investment in the United States after the lowering of tax rates under President Donald Trump, Chief Executive Bob Dudley said on Tuesday. "And we did all this while maintaining safe and reliable operations", Dudley added.

BP said it was hit by an additional $3.18 billion of Gulf-related costs in 2017. Last week, the oil giant hadannounced that it hoped to double North Sea oil production to 200,000 barrels by 2020.

More news: Rumor: Call of Duty 2018 Will Be Black Ops 4

The BP CEO said the company is entering the second year of BP's five-year plan with real momentum and is increasingly confident that BP can continue to deliver growth across its business, improving cash flows and returns for shareholders to 2021 and beyond.

BP has reported a surge in profits thanks to higher oil prices and increased production as it hailed its strongest year for exploration since 2004.

The Zohr natural gas project in Egypt was counted as one of BP's shining achievements a year ago.

For the full year, production costs fell 16 percent to $7.11 per barrel.

More news: North Korea earns $200 million from exports in 2017, violating United Nations sanctions

BP Plc dodged the disappointment that afflicted other oil-company earnings as it did a better job of exploiting the upswing in crude prices. It does expect long-term earnings to benefit from the reduction in USA federal corporate tax to 21% from 35%. BP said it expects capex to be within a range of USD15.00 billion to USD16.00 billion in 2018.

Dividend per share remains at 10 cents.

BP would generate profit in 2018 at an oil price of $50 a barrel, chief financial officer Brian Gilvary said, as years of spending cuts kicked in and as it slowly shakes off a $65bn bill for penalties and clean-up costs of the 2010 spill.

More news: Android users can now tell Alexa to text someone


  • Up to 5 inches of snowfall expected before Sunday night

    Up to 5 inches of snowfall expected before Sunday night

    WEDNESDAY NIGHT: Damp early with a bit of leftover rain and drizzle, then some clearing late; watch for a rapid freeze up. Gusty north to northwest winds will bring some blowing and drifting snow, which may reduce visibility values.
    Slippery roads today, snow advisory Monday

    Slippery roads today, snow advisory Monday

    A Winter Weather Advisory has been issued for parts of Maryland as wintry precipitation is expected Sunday . We may also see another batch of light snow pass through late Tuesday night into Wednesday .
    Turkey: Journalist on duty injured in Syria's Afrin

    Turkey: Journalist on duty injured in Syria's Afrin

    The seventh one was killed in a YPG attack on the border, without giving further details. "There is not much to go", he said. But the YPG has been working closely with the United States to fight the Islamic State extremist group in Syria.
  • Win tickets to see a sneak preview of Marvel's Black Panther

    Win tickets to see a sneak preview of Marvel's Black Panther

    Along with the wonderful acting and storytelling, Black Panther soars in regards to costumes, production design and soundtrack. The film was voted the most-anticipated solo movie debut of 2018 and the second-most-anticipated movie of the year overall .
    Chevron, Total Log Big Discovery in Deepwater Gulf of Mexico

    Chevron, Total Log Big Discovery in Deepwater Gulf of Mexico

    Some of the firms that won in previous auctions have made big finds, adding over 2 billion barrels of oil equivalent to reserves. Qatar Petroleum has won exploration rights in 5 offshore blocks in Mexico .
    Samsung is Reportedly Working on Chips for Cryptocurrency Mining

    Samsung is Reportedly Working on Chips for Cryptocurrency Mining

    Mining is a process of solving mathematically complex problems that serve to verify the transactions of cryptocurrency coins. The ASICS market is dominated by China's Bitmain and Canaan Creative, both of which work with Taiwanese giant TSMC .
  • Proteas star De Kock ruled out of India series with wrist injury

    Proteas star De Kock ruled out of India series with wrist injury

    India is leading on this series by 2-0, and they are just one step away from winning their first ODI series in South Africa . The win meant India picked up two points towards the ICC Women's Championship in their first game.
    'Wear Red Day' slated for Friday

    'Wear Red Day' slated for Friday

    People around the country can knit and crochet red hats for babies born in February to empower moms to live heart-healthy lives. For more heart and stroke statistics, visit the American Heart Association's Heart and Stroke Statistics page.
    CLINTON COLLUSION: FBI Given SECOND DOSSIER by Longtime Clinton Aide

    CLINTON COLLUSION: FBI Given SECOND DOSSIER by Longtime Clinton Aide

    Steele's contacts with the Federal Bureau of Investigation or other government agencies prior to the 2016 election?". This memo, though, will instantly be subjected to the same partisan division as the Steele dossier.
  • 3 of 6 accused arrested in Kashmiri youths assault case

    3 of 6 accused arrested in Kashmiri youths assault case

    Suddenly they were attacked & were injured, one boy managed to flee while the other was admitted to the hospital by police. According to police, five labourers were apparently returning from the mosque when they had a quarrel with two locals.
    EBay's New Payment Partner Sends PayPal Shares Down

    EBay's New Payment Partner Sends PayPal Shares Down

    The company said it expects revenue in the range of $2.57 billion to $2.61 billion for the fiscal first quarter. Analysts on average were expecting earnings of 52 cents per share, according to Thomson Reuters I/B/E/S.


Latest news

Indianapolis Colts Hire New Head Coach
The Colts likely want that same success with Andrew Luck , who was sidelined with a shoulder injury for the entire 2017 season. He was sacked during his second year with the Denver Broncos , with whom he posted an 11-17 mark during the 2009-10 seasons.

Victor of $559M Powerball jackpot files to stay anonymous despite state rules
The woman admits in court documents that she made a "huge mistake" when she signed her name on the back of the winning ticket. Had the woman signed the ticket in the name of a trust rather than her own name, her identity could have remained private.

Poland Cancels Bennett's Planned Visit, Bennett Says 'I'm Honored'
Poland has canceled Israeli Education Minister Naftali Bennett's visit this week because of Bennett's reaction to the measure. Israeli officials have voiced strong objections to the law, saying it is an attempt to rewrite history.

Death of 8-year-old girl in Queens deemed flu-related
Among the most vulnerable patients during flu season are senior citizens, children and those with chronic medical conditions. That's the message New Yorkers need to know from the New York City Emergency Management Department's latest podcast series.

Barcelona ace Rakitic in Mourinho, Guardiola talks about Manchester move

Robbie Savage Hits Out at Leicester Board Following Mahrez-City Transfer Saga

John Stamos is Officially Married to Fiancée, Caitlin McHugh
Who's your fave Full House character? " People would say, 'You should have a child.' I was like, 'That ship has sailed"'. Stamos mentioned he has grown since his previous marriage to her ex Rebecca "I was young".

'We're battling to be first of the last' - Mourinho concedes title defeat
Mourinho offered an update on the injured Marouane Fellaini , Eric Bailly and Zlatan Ibrahimovic. Manchester City are heading to NY this summer as part of their pre-season tour of America.

Foles looking forward to Favre's pre-game speech
Eagles quarterback Nick Foles is looking forward to Hall of Famer Brett Favre's speech to the team on Saturday. As of Thursday evening, the clip had been viewed more than one million times.

Formula E unveils its next-gen all-electric race auto
New body panels cover the wheels and the auto has a large diffuser at the back which generates aerodynamic grip at high speeds. The fully-electric series is now in its fourth season and has used the same single-make chassis since its inception in 2014.

Nikola Mirotic Traded to Pelicans from Bulls in Deal Involving Omer Asik
Then Mirotic returned, and despite there still clearly being a rift between him and Portis, the Bulls started winning. According to Tony Jones of the Salt Lake Tribune, the franchise is keen to pursue a deal for him before February 8.

Police in Seville find four TONNES of oranges crammed into 'suspicious' cars

Experts Want Facebook To End Its Messaging App For Kids

Saudi-led coalition calls for immediate ceasefire in Aden
Violence reportedly erupted on Sunday after forces loyal to the STC seized the government's headquarters in the coastal city. Aden residents claimed that the STC fighters overpowered Hadi's forces in central Aden's Crater and Tawahi districts.

International Business Machines Corp. (IBM) Holdings Cut by Seizert Capital Partners LLC
While take a short look on price to sales ratio, that was 1.93 and price to earning ration of 27.28 attracting passive investors. Raab & Moskowitz Asset Mgmt Lc owns 0.1% invested in International Business Machines Corporation (NYSE: IBM ) for 1,389 shares.

Other news