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BP 2018 profit doubles to five-year high as output soars

February 06/2019

MOSCOW (MRC) -- BP joined its competitors in posting a strong 2018 performance, with a doubling of profits driven by strong growth in oil and gas output following a large U.S. shale acquisition, said the company.

Record utilisation of its oil and gas fields and refining capacity further helped BP seal what was a transformational year as the aftermath of the deadly 2010 Deepwater Horizon disaster eased.

But while the London-listed firm's revenue beat forecasts, debt rose and the pace of its share buyback scheme slowed in the last quarter after it paid the first and largest tranche of the USD10.5 billion BHP acquisition.

BP shares rose more than 3.3 percent in early trade, hitting their highest since early December.

"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," BP Chief Executive Officer Bob Dudley said in a statement. 

Royal Dutch Shell, Exxon Mobil and Chevron all reported stronger-than-forecast earnings last week driven by higher production in U.S. shale basins where Oil Majors have invested billions in recent years.

The strong gains came despite a sharp drop in crude prices at the end of the year that wiped out most gains made in share prices throughout the year.
Author:Anna Larionova
Tags:petroleum products, petrochemistry, Crude oil, British petroleum.
Category:General News
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