BP reveals an annual profits rise of 139% to $6.2bn for 2017

By Johan De Mulder

BP has announced a sharp increase in its profits for 2017, painting its most positive financial picture since the Deepwater Horizon disaster.

The British oil and gas giant made an underlying profit of $6.2bn in the 12-month period, a 139% increase on its 2016 figure of $2.6bn.

As it emerges from the consequences of Deepwater Horizon, where an oil spill killed 11 people, while also facing the global downturn in prices, BP has struggled to maintain its reputation.

See also:

But as its earnings from its downstream productions increased by 24% and it delivered on seven major new projects, the FTSE 100 company was able to show a change in momentum on release of its annual results.

"2017 was one of the strongest years in BP’s recent history," said Group Chief Executive Bob Dudley. "We delivered operationally and financially, with very strong earnings in the Downstream, Upstream production up 12%, and our finances rebalanced."

"We enter the second year of our five-year plan with real momentum, increasingly confident that we can continue to deliver growth across our business, improving cash flows and returns for shareholders out to 2021 and beyond."


Featured Articles

Middle East GDP hike of 57% if more women join workforce

By tapping into the potential of next-generation female workers, the MENA region could unlock new economic opportunities, up to US$2 trillion, reports PwC

Dialight supplies LED solutions for industrial safety

Reliance on inefficient lighting technologies are not only harmful to the environment, but also increase injury risk and cost

Top 10: Tech, AI, cloud, cyber speakers at TECH LIVE LONDON

TECH LIVE LONDON events sees technology leaders from IBM, Oracle, Vodafone, JP Morgan, Accenture and the US Space Force among the inspirational speakers

Cyber LIVE adds Vodafone head of cyber Kawalec to line-up

Leadership & Strategy

Musk’s multibillion hostile Twitter takeover – the timeline

Leadership & Strategy

Sustainable moves businesses can make to win customers, IBM