Feb 6, 2018

BP profits double on higher oil price

BP's annual profits more than doubled in 2017, largely thanks to the global increase in oil prices. The oil giant made $6.2bn, up from $2.6bn made during the previous 12 months. Chief executive Bob Dudley hailed it "As one of the strongest years in BP's recent history". BP opened seven new oil and gas fields during 2017 and its oil production rose 12% to 247 million barrels of oil per day. Its fourth quarter profits rose to $2.1bn, compared with $400m over the same three-month period in 2016.

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