BP sees annual profits more than double

BP has seen profits more than double to 12.7 billion US dollars (£9.7 billion) for 2018, following higher oil prices and after it launched a raft of new projects.

The energy giant’s underlying replacement cost profit – BP’s preferred income measure – surged from 6.2 billion US dollars (£4.8 billion) in 2017.

Its fourth quarter underlying earnings also jumped higher despite oil prices easing back at the end of last year, to 3.5 billion US dollars (£2.7 billion) against 2.1 billion US dollars (£1.6 billion) a year earlier.

The FTSE 100 stalwart has been riding the wave of a rebound in the cost of crude in recent years, as has rival Royal Dutch Shell, which last week reported a 36% jump in annual profits.

But BP has also been embarking on a number of new projects, which has been boosting production.

Bob Dudley, group chief executive of BP, said: “We now have a powerful track record of safe and reliable performance, efficient execution and capital discipline.

He added: “Our strategy is clearly working and will serve the company and our shareholders well through the energy transition.”