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.”
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.