Daily News Egypt

BP returns to profitability in 2016 - Daily News Egypt

Advertising Area




Advertising Area



BP returns to profitability in 2016


British energy giant BP has announced it’s entered positive territory again, logging a slight bottom-line profit for the whole of 2016 and recovering from a huge net loss in the previous year.BP posted a slight net profit for 2016, the company announced Tuesday. Profit after tax stood at $115 million (108 million euros) last year, compared with a net loss of $6.5 billion in 2015.

Weak oil prices were offset by the impact of cost-cutting measures, BP pointed out.

The company noted that fourth-quarter earnings more than doubled as it made progress in adjusting to lower oil prices.

Oil spill impact

Underlying replacement cost profit rose to $400 million from $196 million in the same period a year earlier. The figure reflects the industry’s preferred measure and excludes non-operating items and fluctuations in the value of inventories.

“BP delivered solid results in tough conditions,” BP Chief Executive Bob Dudley said in a statement.

He added that BP was moving toward completion of the “process for resolving claims arising from the 2010 oil spill.”

In 2017, cash payments related to the spill are expected to be lower than in 2016 to come in at around $4.5 billion to $5.5 billion before falling sharply to around $2 billion in 2018.

hg/jd (AFP, AP, dpa)


Advertising Area

Advertising Area



https://www.dailynewsegypt.com/2017/02/07/bp-returns-to-profitability-in-2016/
Breaking News

No current breaking news

Subscribe to the Newsletter List Subscribe by clicking on the Subscribe
Subscribe
Daily News Egypt Android App Available for free download on Google play
View
Daily News Egypt Ios App Available for free download on APP Store
View