BP Says It Posted Replacement Cost Loss of $583 Million in 4Q
February 06 2018 - 3:02AM
Dow Jones News
By Oliver Griffin
BP PLC (BP.LN) said on Tuesday that it made a fourth-quarter
replacement cost loss as Chief Executive Bob Dudley praised 2017 as
one of the company's strongest years in recent history.
The London-listed oil company reported a fourth-quarter
replacement cost loss--a figure similar to the net income that U.S.
oil companies report--of $583 million, swinging away from a
replacement cost profit of $72 million in the year-earlier
period.
Fourth-quarter sales grew 32% to $67.82 billion, BP said. The
company also said its underlying replacement cost profit, which
strips out one-off items, rose to $2.11 billion, from $400 million
in the year-earlier period.
A consensus of 19 brokers supplied by BP had forecast underlying
replacement cost profit in the fourth quarter of $1.9 billion.
BP said that charges relating to the 2010 oil spill in the Gulf
of Mexico were $5.2 billion, which is higher than BP's
expectations.
Mr. Dudley said BP was going into the second year of its
five-year plan with real momentum.
The company maintained its quarterly dividend at $0.10.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
February 06, 2018 02:47 ET (07:47 GMT)
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