Oil giant BP reported an impressive 139% rise in full year underlying profit on Tuesday, thanks to new discoveries and improved operational reliability, the company said.
Shares were lower - but so was the broader market - and amid a FTSE 100 correction that saw the index lose nearly 2% on Tuesday morning, BP shares were down just 0.29% at 480.7p.
- Underlying replacement cost profit was $6.2bn, up 139% from 2016's $2.6bn
- Operating cash flow was $24.1bn, compared with $17.6bn in 2016
- Downstream operations saw replacement cost profit of $7bn, up 24% on 2016
- Seven new major projects were delivered
- Dividend unchanged at 10 US cents a share
Bob Dudley, BP's chief executive (left) commented: "2017 was one of the strongest years in BP's recent history.
"We delivered operationally and financially, with very strong earnings in the downstream, upstream production up 12%, and our finances rebalanced. And we did all this while maintaining safe and reliable operations.
"We enter the second year of our five-year plan with real momentum, increasingly confident that we can continue to deliver growth across our business, improving cash flows and returns for shareholders out to 2021 and beyond.
"At the same time, we are embracing the energy transition, seeking new opportunities in a changing, lower-carbon world."
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