BP's 2018 Profit Doubles To Five-Year High As Output Soars

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 U.S. shale acquisition.Record utilization 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 $10.5 billion BHP acquisition. BP shares rose more than 3.3 percent in early trade, 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 Chief Executive Officer Bob Dudley said in a statement on Tuesday.

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One more confirmation that the oil majors are doing just fine...

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BP's profit doubled to $12.7 billion  in 2018.  Exxon Mobil Corp., Royal Dutch Shell Plc, Chevron Corp. and BP:  those companies together generated close to $43 billion of cash flow from operations, the highest in more than four years..

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Oil has seen upward momentum after Christmas. Investors are optimistic about the energy sector in general ... According to this big players could expect that 2019 will be even better than 2018

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16 minutes ago, ThunderBlade said:

BP's profit doubled to $12.7 billion  in 2018.  Exxon Mobil Corp., Royal Dutch Shell Plc, Chevron Corp. and BP:  those companies together generated close to $43 billion of cash flow from operations, the highest in more than four years..

Monopolies, political support, bribe... etc... 

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economies of scale, have the best assets, own multiple parts of the game, make more than one product, not tied to the success or failure of one country...

 

Or a bunch of corruption that's why the minors struggle they can't be corrupt

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7 hours ago, Pavel said:

Monopolies, political support, bribe... etc... 

Sounds like typical Russian B.S. Meanwhile they are far more corrupt with their cronyism than the other oil majors. 

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