BP Says It Posted Replacement Cost Loss of $583 Million in 4Q
By Oliver Griffin
BP PLC (BP.LN) said on Tuesday that it made a fourth-quarter replacement cost loss as Chief Executive Bob Dudley praised 2017 as one of the company's strongest years in recent history.
The London-listed oil company reported a fourth-quarter replacement cost loss--a figure similar to the net income that U.S. oil companies report--of $583 million, swinging away from a replacement cost profit of $72 million in the year-earlier period.
Fourth-quarter sales grew 32% to $67.82 billion, BP said. The company also said its underlying replacement cost profit, which strips out one-off items, rose to $2.11 billion, from $400 million in the year-earlier period.
A consensus of 19 brokers supplied by BP had forecast underlying replacement cost profit in the fourth quarter of $1.9 billion.
BP said that charges relating to the 2010 oil spill in the Gulf of Mexico were $5.2 billion, which is higher than BP's expectations.
Mr. Dudley said BP was going into the second year of its five-year plan with real momentum.
The company maintained its quarterly dividend at $0.10.
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(END) Dow Jones Newswires
February 06, 2018 02:47 ET (07:47 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.