BP announced on February 6, 2018, an increase in underlying profits by 139 % to $6.2 billion in 2017, marking the biggest year since the Deepwater Horizon accident.
Operating cash flow was $24.1 billion compared to $17.6 billion in 2016, increasing by a 24 %, excluding the Gulf of Mexico oil spill payments.
BP has also benefited from the recent launch of 7 new projects, excluding BP’s share of Rosneft production, which boosted oil and gas production delivering a 12 % growth, reaching the highest level since 2010. With Rosneft included BP’s production was 3.6 million barrels of oil equivalent a day, 10 % higher than 2016.
Bob Dudley, BP`s CEO, said: «2017 was one of the strongest years in BP’s recent history. We delivered operationally and financially, with very strong earnings in the Downstream, Upstream production up 12%, and our finances re-balanced. And we did all this while maintaining safe and reliable operations.»
Nevertheless, the company is still paying the debt of the Deepwater Horizon, they saw a decrease from $6.9 billion to $5.2 billion in 2017. In addition, they had to pay a $0.9 billion charge for US tax reform changes.
Moreover, they are investing in being sustainable in a lower-carbon world and adapting to the future to embrace the energy transition. Around $500 million is set to invest on renewables, new technologies, venturing and research.
By 2021 BP anticipates the addition of 900,000 barrels per day, a 35 % increase on their average 2015 portfolio.