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.

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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.