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2/5/2019, 8:10 AM (Source: TeleTrader)
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BP more than doubles full-year earnings in 2018

The British multinational oil and gas company BP announced on Tuesday its full-year earnings more than doubled in 2018 compared to the previous year, with its underlying replacement cost profit amounting to $12.7 billion. The profit generated in the fourth quarter of the year stood at $3.5 billion, driven by strong operating performance across all business segments. Profit attributable to BP shareholders was $766 million in the fourth quarter and $9.38 billion for the full year.

Meanwhile, the return on average capital employed was 11.2%, an increase compared to 5.8% in 2017. The operating cash flow for 2018 was $26.1 billion, an 8% increase year-on-year, excluding a Gulf of Mexico oil spill payment which totaled $3.2 billion on a post-tax basis. Meanwhile, the dividend for the fourth quarter was announced at $0.10 a share, 2.5% more than a year ago.

"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 – bringing more high-quality projects online, expanding marketing in the Downstream and doing transformative deals such as BHP. Our strategy is clearly working and will serve the company and our shareholders well through the energy transition," Bob Dudley, BP's chief executive said.

Breaking the News / FH