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.