BP annual profit soars to $9.4b on surging oil prices

BP almost trebled its annual net profit to $9.4 billion (8.2 billion euros) last year as oil prices soared in 2018, the British energy giant announced yesterday.

Profit after tax rocketed from $3.4 billion in 2017, "primarily affected by higher oil prices and favourable foreign exchange" rates, BP said in a statement.

Fourth-quarter net profit stood at $766 million, up from $27 million in the final three months of 2017.

However it was well down on 2018 third-quarter net profit of $3.35 billion, which was fuelled by surging oil prices before they cooled approaching the new year.

BP chief executive Bob Dudley said the group was benefiting also from "capital discipline".

 

BP annual profit soars to $9.4b on surging oil prices

BP almost trebled its annual net profit to $9.4 billion (8.2 billion euros) last year as oil prices soared in 2018, the British energy giant announced yesterday. Profit after tax rocketed from $3.4 billion in 2017, primarily affected by higher oil prices and favourable foreign exchange rates, BP said in a statement. Fourth-quarter net profit stood at $766 million, up from $27 million in the final three months of 2017. However it was well down on 2018 third-quarter net profit of $3.35 billion, which was fuelled by surging oil prices before they cooled approaching the new year. BP chief executive Bob Dudley said the group was benefiting also from capital discipline.