BP set to report it is back in black when it unveils full-year results for 2016
BP is set to report it is back in the black when it unveils full-year results for 2016 this week.
The firm, led by Bob Dudley, shocked markets last year by reporting a $5.2 billion (£4.2 billion) loss even as Dudley took home a 20 per cent rise in his pay to $19.6 million.
But after ongoing job losses and a rise in the price of oil, BP is set to report a small profit for the year to the end of December 2016, though City analysts reckon it may be under $1 billion.
Black gold: BP’s new projects go live in the North Sea this year
BP aims to have cut 7,000 jobs over the two years to the end of 2017 and expects to make savings of $7 billion by the end of this year.
It is set to have made a profit of $560 million in the last quarter of 2016 – almost triple the $196 million for the last quarter of 2015.
The price of a barrel of Brent crude has risen to $57 this weekend from $44 in November 2016, when Opec, the cartel of mainly Middle Eastern oil producing countries, agreed to cut production to raise prices for the first time in two years.
Some analysts say BP, which has big projects in the North Sea and Oman due to come on stream this year, may even raise its dividend after 2017.
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