BP Gets Lift From Higher Oil Prices and Increased Production

LONDON (AP) — BP says fourth-quarter earnings jumped 65 percent as the London-based energy company benefited from higher oil prices and increased production.

The company said Tuesday that underlying replacement cost profit, the industry's preferred gauge of earnings, rose to $3.48 billion from $2.11 billion in the same period a year earlier. The figure excludes one-time items and fluctuations in the value of inventories.

Net income increased 28 times to $766 million.

- Sponsors -

Oil companies are profiting after cutting costs and selling assets to adjust to an era of lower oil prices — crude dropped below $30 a barrel in January 2016.

Brent crude, a benchmark, averaged $68.81 a barrel in the quarter, 12 percent higher than a year earlier.

BP's production increased 1.8 percent 2.63 million barrels of oil equivalent per day.

- Partner Content -

Entergy’s Energy Smart Program Brings Cost Conscious Innovation to New Orleans

Offering comprehensive energy efficiency at no cost to the consumer, Entergy’s Energy Smart program incentivizes Entergy New Orleans customers to perform energy-saving upgrades in...

 

Source: AP

 

Digital Sponsors / Become a Sponsor

Follow the issues, companies and people that matter most to business in New Orleans.

Email Newsletter

Sign up for our email newsletter