BP reaps fivefold rise in quarterly earnings

LONDON – BP’s fourth-quarter earnings increased fivefold as it benefited from higher oil prices, increased production and lower costs.
Underlying replacement cost profit jumped to $2.1 billion from $400 million in the same quarter a year earlier, the London-based company said Tuesday. The figure, which excludes one-time items and fluctuations in the value of inventories, is the industry’s preferred gauge of earnings.
Net income fell to $27 million from $497 million, largely due to another $1.7 billion charge for the 2010 Deepwater Horizon oil spill and a $900 million charge related to changes in the U.S. tax code.
“This has been a really, really good year, and it sets us off very well to enter into 2018,” CEO Bob Dudley said.
Source: FuelFix