BP doubles profit in year of transformation
US shale acquisition from BHP helps boost London-listed firm’s earnings to a five-year high
London — BP joined its competitors in posting a strong 2018 performance, with a doubling of profits driven by strong growth in oil and gas output following a large US shale acquisition. Record utilisation of its oil and gas fields and refining capacity further helped BP seal what was a transformational year as the aftermath of the deadly 2010 Deepwater Horizon disaster eased. But while the London-listed firm’s revenue beat forecasts, debt rose and the pace of its share buyback scheme slowed in the last quarter after it paid the first and largest tranche of the $10.5bn BHP acquisition. BP shares rose more than 3.3% in early trade in London on Tuesday, hitting their highest since early December. “We now have a powerful track record of safe and reliable performance, efficient execution and capital discipline. And we’re doing this while growing the business,” BP CEOBob Dudley said in a statement on Tuesday. Royal Dutch Shell, Exxon Mobil and Chevron all reported stronger-than-forecast e...
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