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Profit of the oil company BP increased more than twice in 2017

Profit of the oil company BP increased more than twice in 2017

For the full twelve months, BP made a US$6.1bn underlying profit up from US$2.58bn in the year before. And we did all this while maintaining safe and reliable operations.

BP said it was hit by an additional $3.18 billion of Gulf-related costs in 2017. BP shares fell 1.3 percent to 476 pence at 12:06 p.m.in London as a broader rout in equity markets continued. The group benefitted from a rise in oil prices, with the price of a barrel of Brent crude having surged by 40 percent since July.

Last week, North Sea oil production to 200,000 barrels by 2020 through a variety of projects.

The BP CEO said the company is entering the second year of BP's five-year plan with real momentum and is increasingly confident that BP can continue to deliver growth across its business, improving cash flows and returns for shareholders to 2021 and beyond. "2018 should be a year where operating cash flow can cover cash capex, full cash dividend and Macondo payments without disposal proceeds".

In 2017, BP managed to cover the costs and pay full dividends at oil prices of 50 United States dollars per barrel.

Production for 2017 in Upstream rose 12% to 2.5 million barrels of oil equivalent per day excluding Rosneft, reaching its highest level since 2010, with production costs falling 16% year-on-year to USD7.11 per barrel of oil equivalent.

Civilian martyred in Indian firing at LoC
Apart from Kundu, others who died were identified as riflemen Ram Avtar and Shubam Singh, and havaldar Roshan Lal. The army officer added that Pakistan has stepped up unprovoked firing and shelling in Kashmir since 23 December.

Onigbinde backs Eagles for CHAN title
In the second half, Morocco's first CHAN title edged even closer after Nigeria's Eneji Moses left the pitch after a second yellow card at the 47th minute.

Jaguar I-PACE Electric Crossover To Be Unveiled Ahead of Schedule
Jaguar says drivers can charge up from empty to 80 percent in less than 45 minutes with a DC 100-kW fast charger. Jaguar has officially announced the reveal date of their first ever all-electric vehicle.

The blast killed 11 men off the coast of Louisiana and caused 134 million gallons (507 million litres) of oil to spew into Gulf waters, sparking the worst environmental catastrophe in USA history.

Adjusted net income of $2.11 billion beat analysts' expectations of $1.95 billion.

In the fourth quarter of 2017, the company bought back shares worth 343 million United States dollars.

BP's earnings also got a boost as seven new projects came on line during the year.

Commenting on the share buyback, BP Chief Financial Officer Brian Gilvary said: "Our share buyback programme in the fourth quarter offset the dilution from scrip dividends issued in September and our intent remains to offset any ongoing scrip dilution through further buybacks over time".

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