Despite pledging $50 billion in investments in USA shale oil over the next five years, Exxon Mobil in particular disappointed the market last week as a multi-billion dollar benefit from a US tax overhaul masked some underlying weakness.
Including a net charge for non-operating items of USD3.31 billion and net adverse fair value accounting effects, RC profit was USD2.76 billion compared to a loss of USD999.0 million in 2016.
Profit attributable to shareholders was $27 million, down from $497 million a year ago.
"We delivered operationally and financially, with very strong earnings in the Downstream, Upstream production up 12 percent, and our finances rebalanced", Bob Dudley was quoted as saying in a press release.
The BP CEO said the company is entering the second year of BP's five-year plan with real momentum and is increasingly confident that BP can continue to deliver growth across its business, improving cash flows and returns for shareholders to 2021 and beyond.
"The results primarily reflected higher oil prices", the London-listed giant said.
BP's underlying replacement-cost profit - which excludes fluctuations in the value of crude oil inventories - more than doubled to $6.2 billion past year. Output tallied 3.6mln barrels oil equivalent per day, including contributions for the company's stake in Rosneft. The company will launch another 5 projects this year, including Egypt, Azerbaijan and the British North Sea, which will help boost its yield by 800,000 barrels per day by 2020.
BP Plc Slips To RC Loss In Q4 On US Tax, Oil Spill Charges; Sales Rise
"It is important for us, there is no doubt we will increase investments", Dudley, himself a USA citizen, said in an analyst call after BP reported a surge in profits in 2017. It marked the best year for production since 2010.
While BP also fell victim to an under-performing refining business and booked another $1.7 billion charge related to the Macondo oil spill, the rapid rebound in its production was a bright spot. Since the explosion and oil spill, in April 2010, BP has paid out USD65.77 billion.
"It is important for us - there is no doubt we will increase investments", said Dudley, a USA citizen who leads the British oil and gas company.
BP also took a one-off charge of $900m to adjust to new United States tax rules, although it expected a long-term boost from the lowered corporate tax rates.
BP's organic capital expenditure for 2017 was USD16.5 billion, within the company's USD15.00 billion to USD17.00 billion guidance, which BP had said in October would in part be covered by asset sale proceeds.
Divestments during the year totalled USD3.4 billion, short of BP's previous guidance of USD4.5 billion.
We recommend that you take Sellars' statements as a rumor and hope that Treyarch or Activision will provide details about it. The Switch port is apparently being handled by "a company familiar with COD games", so it should be in good hands.
Meanwhile, Army Vice Chief Sarath Chand said India will continue to give a "befitting reply" and its action will speak for itself. Indian officials say the opposing side used "small arms, automatics, mortars and missiles" to kill the Indian soldiers.
The shooting was reported at 8:53 a.m. local time and occurred in an elective class with mixed grades, officials said. He said investigators would present their case Friday to the district attorney's office for filing consideration.
A warning for all of Ireland says that snow showers are likely to give accumulations of less than 3cm on Tuesday. Further heavy snowfall is forecast across Scotland, northern England and Wales through much of today (Tuesday).
Jon Rahm is quickly taking the PGA Tour by storm, and he continued his success Thursday at the Waste Management Phoenix Open . His aggressive, borderline arrogant, style will fit nicely with the shootout that's about to ensue at TPC Scottsdale.
A Lava Red OnePlus 5T special edition smartphone was introduced by OnePlus this morning in celebration of Valentine's Day. It's now chance for Europeans and Americans to get their hands on the Lava Red version of the OnePlus's flagship .
Akshay took to twitter to share the information as the screening happened in the presence of Gujarat Chief Minister Vijay Rupani. The other day I was sitting in my vanity van and I heard two-three guys discuss the film.
Apple confirmed the new prices of iPhones and informed retailers the price increase would be effective starting 8 AM today. Smartphone shipments in the said period increased 12%, while exports of feature phones grew at a blazing 55 per cent.
Mattis hinted at such action on Friday, referencing a USA missile strike on a Syrian military airfield a year ago . Unlike sarin, chlorine gas is relatively easy to produce and is not banned by the Chemical Weapons Convention.
In addition, a new nuclear-armed cruise missile launched from naval vessels would be developed, a process likely to take years. Nikki Haley said the NPR will allow the U.S.to remain "flexible and well-prepared for the unique threats we face today.
United States eyes oil sanctions on Venezuela
Tillerson called trade with China "harmful", and said Russia's growing presence in Latin America is "alarming". Russian Federation and China continue to expand their presence in Cuba and Venezuela.
Spanish La Liga Report, Espanyol v Barcelona, 4 February 2018
After that match, Pique's tone when talking about Espanyol infuriated rival fans and prompted an official complaint by the club. Sign up here for a free seven-day trial . "The players are the ones who best interpret what they have to do on the pitch".
Olympics step up anti-doping measures
Meanwhile, regarding the CAS decision on Russian athletes, Bach said it is " extremely disappointing " and "surprising". He called for a review of the internal structures of CAS to resolve issues such as delayed reasoned decisions.
Monster Hunter World Update Fixes Matchmaking on Xbox One
The Xbox One's Patch 18.104.22.168 will address and allegedly resolve "all matchmaking functionality issues" in Monster Hunter World . Players will now get points and complete bounties properly, and will also now be able to use the Hunting Horn without trouble.
Amtrak Train Reportedly Traveling on Wrong Track in Fatal Crash
Most passenger trains, he said, are run by a single engineer in the locomotive working a shift that could be as long as 12 hours. McMaster said it appeared the Amtrak train was on the wrong track, although an investigation would determine the precise cause.
City held as Sterling's shocker costs Pep
But had they taken their chances earlier, it wouldn't have mattered. You can hear all that, plus plenty more , in the latest podcast . They are injured so I would like to have 18 players.
Uma Thurman Just Opened Up About Harvey Weinstein
The actress made good on that promise, over the course of two interviews in her NY apartment with Times columnist Maureen Dowd . I thought he was being super idiosyncratic, like this was your kooky, eccentric uncle", she recalled.