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BP profits are on the rise

7th Feb 17 9:36 am

Why has the company seen an incline in profits?

The last three months of 2016 were positive for the oil giant BP as it saw its profits double, this comes on the back of pricier oil and more cost-cutting measures.

Underlying replacement cost profit sat at $400m, this is up from $196m just a year earlier.

For the Deepwater Horizon Disaster BP took another charge of $799m, this brought total charges to $62.6bn.

The year as a whole saw an underlying replacement cost profit, this strips out fluctuations in the value of oil stocks. It fell to $2.58bn, this is down from $5.90bn in 2015.

BP said it is set to balance its books at the end of the year with an oil price of $60 per barrel.

Chief executive Bob Dudley, said: “2016 was the year we made significant strides” for future growth.

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