BP disappoints City despite surge in profits

BP records 'one of the strongest years'

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 records 'one of the strongest years'
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.

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