February 6, 2018 / 7:33 AM / 9 months ago

BRIEF-BP Sees Higher Discounts For North American Heavy Crude Oil, Lower Industry Refining Margins In Q1 2018

Feb 6 (Reuters) - BP Plc:

* ‍GULF OF MEXICO OIL SPILL PAYMENTS IN 2017 WERE $5.2 BILLION, COMPARED WITH $6.9 BILLION IN 2016​

* CEO DUDLEY SAYS “2017 WAS ONE OF STRONGEST YEARS IN BP’S RECENT HISTORY”

* ‍NON-OPERATING ITEMS IN Q4, WHICH ARE EXCLUDED FROM UNDERLYING PROFIT, INCLUDED A $0.9 BILLION CHARGE FOR US TAX CHANGES

* ‍NON-OPERATING ITEMS IN Q4, WHICH ARE EXCLUDED FROM UNDERLYING PROFIT, INCLUDED $1.7 BILLION POST-TAX CHARGE RELATING TO FURTHER PROVISION FOR CLAIMS ASSOCIATED WITH OIL SPILL​

* CFO SAYS CO’S INTENT REMAINS TO OFFSET ANY ONGOING SCRIP DILUTION THROUGH FURTHER BUYBACKS OVER TIME

* NET DEBT AT 31 DECEMBER 2017 WAS $37.8 BILLION, COMPARED WITH $35.5 BILLION A YEAR AGO‍​

* EXPECT FULL-YEAR 2018 UNDERLYING PRODUCTION TO BE HIGHER THAN 2017 DUE TO THE RAMP-UP OF MAJOR PROJECTS

* LOOKING TO THE FIRST QUARTER OF 2018, EXPECT HIGHER DISCOUNTS FOR NORTH AMERICAN HEAVY CRUDE OIL BUT LOWER INDUSTRY REFINING MARGINS Source text ID: (on.bp.com/2Ep0n3g) Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below