BP profits surge on increase production

BP profits surge on increase production

BP has seen profits double to $12.7 billion in 2018, following a surge in oil and gas growth, along with the acquisition of several US shale assets.

However, the company’s debt rose, and the rate of share buybacks dropped in the final quarter following a $10.5 billion BHP acquisition.

“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 Chief Executive Officer Bob Dudley said in a statement.

Competitors including Royal Dutch Shell and Chevron also posted higher than expected earnings, driven by increased production in US shale basins, which have seen significant investment from the world’s largest companies in recent years.

BP has paid off the vast majority of its payments for the deadly 2010 Deepwater Horizon spill in the Gulf of Mexico and has turned its attention to growing production in the next decade.

Over the twelve-month period, BP’s profits rose to $12.7 billion – double the $6.17 billion from the previous year.

Meanwhile production in 2018 rose to 3.7 million barrels of oil equivalent per day following the completion acquisition on BHP’s onshore US shale portfolio.

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