BP plc (ADR) (NYSE:BP) released a stellar earnings report for the fourth quarter of 2017 on Tuesday.
Included in its most recent earnings report is underlying replacement cost profit of $2.1 billion for the fourth quarter of the year. This is what the company uses in place of net income. It’s underlying replacement cost profit from the same time last year was $400 million.
BP plc (ADR) also notes that its Downstream earnings for the fourth quarter of the year included underlying replacement cost profit of $1.47 billion. This is up from its Downstream underlying replacement cost profit of $877 million from the fourth quarter of 2016.
Upstream underlying replacement cost profit reported by BP plc (ADR) for the fourth quarter of 2017 was $2.22 billion. This is a major increase over its Upstream underlying replacement cost profit $400 million from the same period of the year prior.
“2017 was one of the strongest years in BP’s recent history,” Bob Dudley, Group Cheif Executive of BP plc (ADR), said in a statement. ” We delivered operationally and financially, with very strong earnings in the Downstream, Upstream production up 12%, and our finances rebalanced. And we did all this while maintaining safe and reliable operations.”
BP plc (ADR) also announced a dividend of 10 cents per ordinary share, or 60 cents ADS, for its shareholders. The dividend will be payable on March, 29, 2018. It will announce the amount of the dividend in sterling on March 19, 2018.
BP stock was up slightly as of noon Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
