BP sees five-fold rise in Q4 earnings amid higher oil prices

LONDON — BP's fourth-quarter earnings increased five-fold as it benefited from higher oil prices, increased production and lower costs.

Underlying replacement cost profit jumped to $2.1 billion from $400 million in the same quarter a year earlier, the London-based company said Tuesday. The figure, which excludes one-time items and fluctuations in the value of inventories, is the industry's preferred gauge of earnings.

Net income fell to $27 million from $497 million, largely due to another $1.7 billion charge for the 2010 Deepwater Horizon oil spill and a $900 million charge related to changes in the U.S. tax code.

"This has been a really, really good year and it sets us off very well to enter into 2018," CEO Bob Dudley said. "We've got some real momentum."

Energy companies are benefiting from a rebound in oil prices after leading oil producers cut production and companies cut costs when crude plunged to its lowest level in more than a decade early in 2016. Brent crude, a benchmark for international oil prices, averaged $61.26 a barrel in the fourth quarter, up 24 percent from a year earlier.

BP's earnings also got a boost as seven new projects came on line during the year. Fourth-quarter oil and gas production rose 18 percent from a year earlier to 2.58 million barrels of oil equivalent a day.

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

You may also interested in

Uber to investigate sexual harassment claim by...

Feb 20, 2017

Uber's CEO has ordered an investigation into a sexual harassment claim made by a female engineer...

The Latest: Researcher who helped halt...

May 14, 2017

Cyber security officials in Britain applaud young researcher for helping halt global ransomware...

An alert researcher, teamwork helped stem huge...

May 14, 2017

An alert researcher, a cheap domain name, cross-ocean cooperation helped stem effects of cyberattack

Study: Taking abortion pill at home as safe as in...

May 17, 2017

Medical abortions done at home with online help and pills sent in the mail appear to be just as...

Rape inquiry dropped, WikiLeaks' Assange remains...

May 19, 2017

WikiLeaks founder Julian Assange no longer is the subject of an active rape investigation in...

People also read these

What makes a cyberattack? Experts lobby to...

Mar 28, 2017

Policymakers have sometimes struggled to distinguish this-means-war cyberattacks from more mundane...

Brain and arm implants help paralyzed US man feed...

Mar 28, 2017

A paralyzed Ohio man was able to feed himself for the first time in eight years, after doctors...

World cyberattack cripples UK hospitals, demands...

May 12, 2017

A large cyberattack had crippled computer systems at hospitals across England, with appointments...

Log in, look out: Cyber chaos may grow at...

May 15, 2017

Employees booting up computers at work Monday could see red as they discover they're victims of a...

An alert researcher, teamwork helped stem huge...

May 14, 2017

An alert researcher, a cheap domain name, cross-ocean cooperation helped stem effects of cyberattack

Sign up now!

About Us

Future Science Today reports on captivating developments in science, medicine, technology, and the world around us.

Contact us: sales@futuresciencetod.com