BP returns to profit in 2011

Operational Momentum: BP chief executive Bob Dudley

BLOOMBERG

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By Andrew Hobbs and Bill Lehane

 07 February 2012 07:38 GMT

Supermajor BP has recorded a profit of $25.7 billion for the 2011 calendar year, up from the $3.72 billion loss recorded in 2010 on the back of the Macondo disaster.

The company made a replacement cost profit of $23.9 billion for the year, up from the $4.91 billion loss recorded in 2010, on the back on reduced earnings from its exploration and production arm – down 1.27% to $30.5 billion from 2010’s $30.89 billion.

This came despite an average production average of 3.45 million barrels of oil equivalent per day, higher than the anticipated rate of 3.4 million bpd set for 2011.

BP’s fourth quarter 2011 profit was $7.68 billion, up from the $5.04 billion recorded in the third quarter and the $5.57…

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