Feb 5, 2019

Higher production and prices help BP double profits in 2018

Higher oil and gas production combined with a boost in prices gave BP a surge in fourth-quarter earnings from a year ago, helping the energy major more than double its profits in 2018. Last year BP announced it would buy BHP's US shale assets - its biggest deal in 20 years - and pay for it in cash depending on the trajectory of oil prices. Like rival Royal Dutch Shell and other peers, BP has emphasised financial discipline despite higher oil prices in 2018 compared to the year before, pledging to stick with annual capital expenditure of $15bn-$17bn. BP launched a share buyback scheme in 2017 on the back of rising oil prices and renewed confidence in the oil and gas industry that had become more resilient. BP announced a quarterly dividend of 10.25 cents a share, after raising it for the first time in four years in 2018.

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