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Hike In Crude Oil Costs Boosts BP Profits

By Maev Martin
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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