Increased crude production and higher oil prices push BP profits up 139% in 2017

BP has declared its profits went up by 139% to US$6.2 billion last year on higher oil prices and growing crude production, but the oil giant confirmed it will continue to invest in green energy going forward.

The firm’s Q4 earnings also improved by an even higher mark, with profits on an underlying basis more than quadrupling to $2.1 billion, compared with $400 million in the same period of 2016.

Bob Dudley, CEO of the British oil major, said 2017 had been one the strongest years in the group’s recent history after seven new oil and gas fields came online, increasing production by 12% to 3.6 million barrels per day (bpd).

This represents BP’s highest production levels since before the 2010 Deepwater Horizon oil spill in the Gulf of Mexico, the effects of which continued to weighed heavily last year with $5.2 billion of payments exiting the company.

This year, BP will start six new oil and gas projects after a successful year of exploration in 2017.

Chief executive Dudley commented on the company’s strong annual performance, but also pointed to BP’s green energy future alongside its core carbon-based operations.

“It’s not a race to renewables, it’s a race to lower greenhouse gas emissions,” he said. “As fast as renewables and clean energy can grow, faster than any fuel in history, the world is going to require oil and gas for some decades to come.”