Sunday, February 18, 2018

LNG plant owners’ profits soar*

STRONG EARNINGS: Bob Dudley


BP plc and Royal Dutch Shell, the two largest shareholders in Point Fortin-based liquefied natural gas (LNG) producer, Atlantic, each reported record-high boosts in profits last year.
“2017 was one of the strongest years in BP’s recent history. We delivered operationally and financially, with: very strong earnings in the downstream; upstream production up 12 per cent; and our finances rebalanced. And we did all this while maintaining safe and reliable operations,” said BP Group chief executive officer (CEO) Bob Dudley in a release yesterday.
Underlying replacement cost profit (how BP counts its profit) was US$6.2 billion for full year 2017 and US$2.1 billion for the fourth quarter, compared with US$2.6 billion and $400 million for full year and fourth quarter 2016 respectively.

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