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BP Plc Slips To RC Loss In Q4 On US Tax, Oil Spill Charges; Sales Rise

British energy giant BP Plc (BP.L,BP_UN.TO,BP) reported Tuesday that its fourth-quarter replacement cost or RC loss was $583 million, compared to profit of o$72 million last year. RC loss per ADS was $0.18, compared to profit of $0.02 a year ago.

Profit attributable to shareholders was $27 million, down from $497 million a year ago.

The latest results included non-operating items of a $0.9 billion charge for US tax changes and a $1.7 billion post-tax charge relating to a further provision for claims associated with the oil spill.

Underlying replacement cost profit was $2.11 billion for the fourth quarter, compared to $400 million a year ago. Underlying RC profit per ADS was $0.64, compared to $0.13 last year.

Sales and other operating revenues climbed to $67.82 billion from last year's $51.01 billion.

Further, BP announced a quarterly dividend of 10 cents per ordinary share or $0.600 per ADS, which is expected to be paid on 29 March 2018

Looking ahead, the company expects full-year 2018 underlying production to be higher than 2017 due to the ramp-up of major projects.

Group chief executive Bob Dudley said, "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. At the same time, we are embracing the energy transition, seeking new opportunities in a changing, lower-carbon world."

by RTTNews Staff Writer

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