Feb 7, 2017
BP profits show signs of recovery
Underlying replacement cost profit - the company's preferred measure - was $400m, up from $196m a year earlier. BP took another charge of $799m for the Deepwater Horizon disaster, bringing total charges to $62.6bn. "2016 was the year we made significant strides" for future growth, said chief executive Bob Dudley. For the year as a whole, underlying replacement cost profit - which strips out fluctuations in the value of oil stocks - fell to $2.58bn, down from $5.90bn in 2015. BP said it would balance its books at an oil price of around $60 per barrel by the end of the year. Brent crude, the international benchmark, averaged $44 a barrel last year, the lowest in 12 years.
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