Oil giant BP sees annual profits soar to £4.4bn

Annual profits at BP have more than doubled in the space of a year – rocketing to £4.4bn in 2017 on the back of higher oil prices.

The British energy company has been buoyed by a recovery in the crude oil market, helping profits rise dramatically from the £1.9bn recorded in 2016.

BP is the latest oil major to benefit from climbing prices, with Tuesday’s results marking one of the strongest years in the company’s recent history.

Last month, Brent crude hit $70 (£50) per barrel – its highest level in more than three years.

Bob Dudley, the group chief executive of BP, said: “We delivered operationally and financially, with very strong earnings in the downstream, upstream production up 12%, and our finances rebalanced.

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“We enter the second year of our five-year plan with real momentum, increasingly confident that we can continue to deliver growth across our business, improving cash flows and returns for shareholders out to 2021 and beyond.”

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