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BP 2018 profit doubles

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Staff Writer |
BP   Q4 net income reached $3.5 billion

BP's profit doubled to $12.7 billion (£9.7 billion) in 2018, driven by strong growth in oil and gas output following the acquisition of a large portfolio of U.S. shale assets.

The company's debt rose however, and the pace of its share buyback scheme slowed in the last quarter as it completed the $10.5 billion BHP acquisition.

"We now have a powerful track record of safe and reliable performance, efficient execution and capital discipline. And we’re doing this while growing the business," BP Chief Executive Officer Bob Dudley said in a statement.

Fourth-quarter underlying replacement cost profit, the company's definition of net income, reached $3.5 billion, exceeding a company-provided forecast of $2.63 billion.

That compared with a profit of $2.11 billion a year earlier and $3.84 billion in the third quarter of 2018.

For the year, BP's profit rose to $12.7 billion, double the previous year's $6.17 billion. Analysts expected 2018 profits of $11.88 billion.

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