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BP chief executive Bob Dudley has hailed 2017 as one of the strongest years in the company’s recent history.
The firm delivered seven new major projects over the course of the 12 months. including Quad 204. west of Shetland.
And it returned to the black in 2017 with pre-tax profits of £5.14billion. a vast improvement on a deficit of £1.64billion in 2016.
Underlying profit rose 139% year-on-year to £4.4billion.
Total revenues for the full-year came to £175billion. up from £133billion the previous year.
BP produced 12% more oil and gas than in 2016. giving the company its highest output total since 2010. Production costs dropped by 16%. meanwhile.
The business expects output to be even higher this year. thanks to the ramp up of major projects.
In terms of exploration. 2017 was BP’s best year since 2004. with around 1billion barrels worth of resources discovered.
Payments related to the Gulf of Mexico oil spill in 2010 totalled £3.7billion in 2017. down from £4.9billion in 2016.
Assets worth £3billion were divested during 2017.
Net debts stood at £27billlion at the end of 2017. up from £25.5billion 12 months earlier.
BP chief executive Bob Dudley said: “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.“
Chief financial officer Brian Gilvary said: “We had strong delivery and growth across BP in 2017. The full-year underlying result was more than double a year earlier. our organic cash flows are back in balance and our financial frame remains resilient.
“Our share buyback programme in the fourth quarter offset the dilution from scrip dividends issued in September and our intent remains to offset any ongoing scrip dilution through further buybacks over time.“
