BP profits crash 28.2% in Q4

04 Feb '14

2 min read

BP announced its financial results for the fourth quarter and full year of 2013. Underlying replacement cost profit for the fourth quarter was $2.8 billion, compared with $3.9 billion for the fourth quarter of 2012. Full-year underlying replacement cost profit was $13.4 billion for 2013, compared with $17.1 billion for 2012.

Compared with the same periods in 2012, both the fourth quarter and full year 2013 underlying results were affected by: the significant impact of BP’s major divestment programme; weaker refining margins; and higher depreciation and exploration write-offs as the group brought new projects online and increased its investment in exploration.

The impacts of these were partially offset by strong growth in underlying oil and gas production2, particularly from key regions such as the North Sea, Angola and Gulf of Mexico. The fourth quarter’s result also benefitted from higher earnings from Rosneft than reported from TNK-BP in the fourth quarter of 2012.

Bob Dudley, BP Group Chief Executive, said: “BP delivered strong operating performance throughout 2013, with increased asset reliability and major project delivery in both our Upstream and Downstream businesses. These achievements underpin our financial targets for 2014 and lay the foundation for continued growth in sustainable free cash flow.”

Operating cash flow was $5.4 billion in the fourth quarter and $21.1 billion over the whole year. BP announced a dividend for the fourth quarter of 9.5 cents per share, to be paid in March, 5.6% higher than the fourth quarter dividend last year.

Click here to view full results.

BP Group

More Textiles News - United Kingdom...