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Hike In Crude Oil Costs Boosts BP Profits

Published on Feb 6 2018 10:18 AM

Hike In Crude Oil Costs Boosts BP Profits

BP has enjoyed one of the strongest years in the company's recent history after a hike in the cost of crude helped annual profits to more than double.

The energy giant saw underlying replacement cost profit - BP's preferred income measure - soar to $6.2bn for 2017, up from $2.6bn the year before. On a fourth-quarter basis, BP chalked up another rise at $2.1bn, climbing from $400m over the same three-month period in 2016.

BP is among a string of major oil companies benefiting from climbing prices, having seen Brent crude hit $70 per barrel last month, its highest level in more than three years. expects to deliver "at least" £1.575bn in operating profit for the full year.

@ 2018 - Checkout Magazine by Maev Martin

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