BP Underlying RC Profit Exceeds Expectations -- Earnings Review
February 06 2018 - 7:24AM
Dow Jones News
By Oliver Griffin
BP PLC (BP.LN) reported its fourth-quarter results on Thursday.
Here is how the results came in:
UNDERLYING REPLACEMENT COST PROFIT: BP reported fourth-quarter
underlying replacement-cost profit--a number similar to the net
profit figure used by U.S. oil companies, but which also strips out
one-off items--of $2.11 billion, comfortably beating market
expectations. Analysts had forecast underlying RC profit of $1.90
billion.
WHAT WE WATCHED
UPSTREAM: The oil company's upstream business--that part of BP
that produces and sells oil and gas--was previously forecast to be
the star of the show. In the end, BP's underlying RC profit for the
upstream business in the fourth quarter came in at $2.22 billion,
beating consensus estimates by 10%. This was aided by an 18%
increase in fourth-quarter production.
DEEPWATER: Payments regarding the 2010 Deepwater disaster in the
Gulf of Mexico hit $5.2 billion in 2017, at the top end of BP's
$4.5 billion-$5.5 billion estimate for 2017. Payments in 2018 are
expected to be $3 billion, weighted towards the first half of the
year.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
February 06, 2018 07:09 ET (12:09 GMT)
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