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February 5, 2019

BP reports rise in profit to $12.7bn for 2018

BP has reported full-year underlying replacement cost profits of $12.7bn in 2018, which is double the $6.17bn recorded in 2017.

BP has reported full-year underlying replacement cost profits of $12.7bn in 2018, which is double the $6.17bn recorded in 2017.

BP ’s Q4 and full-year profits were $766m and $9.38bn respectively, representing an increase compared with $27m and $3.39bn during the same periods in 2017.

BP group chief executive Bob Dudley said: “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.”

“We now have a powerful track record of safe and reliable performance, efficient execution and capital discipline.”

The charge for depreciation, depletion and amortisation stood at $15.5bn in 2018, compared with $15.6bn in 2017.

In 2019, BP expects the charge to be in line with last year.

Operating cash flow for 2018 excluding the Gulf of Mexico oil spill payments was $26.1bn, an increase from $24.1bn for 2017.

On a post-tax basis, Gulf of Mexico oil spill payments for 2018 totalled $3.2bn.

The company made a $3.5bn divestment during the same period, compared with $4.3bn in 2017, intending to complete more than $10bn divestments over the next two years.

BP ’s organic capital expenditure for the fourth quarter and full year was $4.4bn and $15.1bn respectively, compared with $4.6bn and $16.5bn for the same periods in 2017.

For 2018, BP -operated upstream plant reliability was a record 96% and downstream delivered refining availability of 95%.

The company reported that oil and gas production averaged 3.7 million barrels of oil equivalent (Mboe) a day for the same period.

BP started six upstream projects last year, making a total of 19 brought online since 2016.

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