BP profit soars on higher oil and gas production - Southern Business Review

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Monday, February 4, 2019

BP profit soars on higher oil and gas production




FILE PHOTO: BP's logo is seen on one of its corporate sponsor pavilions in the Olympic park, in Stratfod, east London, July 19, 2012. REUTERS/Andrew Winning/File Photo




LONDON (Reuters) - BP on Tuesday reported a 65 percent rise in fourth-quarter profit, beating forecasts, as oil and gas output rose sharply following the acquisition of BHP’s U.S. shale assets.


Fourth-quarter underlying replacement cost profit, the company’s definition of net income, reached $3.5 billion, exceeding a company-provided forecast of $2.63 billion.


That compared with a profit of $2.11 billion a year earlier and $3.84 billion in the third quarter of 2018.


For the year, BP’s profit rose to $12.7 billion, double the previous year’s $6.17 billion. Analysts expected 2018 profits of $11.88 billion.




Reporting by Ron Bousso, editing by Louise Heavens