Higher oil prices boost BP profits
Shareholders at BP are sure to be happy with 2017’s trading, following fuel sales representing a profit of $6.2bn, up from $2.6bn made during the previous 12 months.
Global oil prices have continued to rise, reaching levels not seen for almost 3 years. Chief executive Bob Dudley hailed it "as one of the strongest years in BP's recent history".
BP’s growth can also be linked to investment placed on furthering its oil field network. Having opened seven new oil and gas fields during 2017, the company was able to increase oil production by 12% to 247 million barrels of oil per day. Hoping to capitalise on its recent successes, BP announced plans to double North Sea oil production to 200,000 barrels by 2020 through a variety of projects.
Richard Hunter, head of markets at interactive investor, said: "Wider market weakness has eclipsed the sturdy performance which BP has delivered.
"The company's ability to generate cash remains prodigious.
"BP is in fine shape, particularly considering the tribulations of recent times."
With BP finally seeing light following a raft of legal cases, governmental reprimands and exasperated public sentiment created by the Deepwater Horizon oil spill in the Gulf of Mexico, it seems 2018 could prove to be their most profitable year ever.
