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BRIEF-BP misses forecasts as annual earnings slide for second consecutive year
February 7, 2017 / 7:54 AM / 5 months ago

BRIEF-BP misses forecasts as annual earnings slide for second consecutive year

4 Min Read

Feb 7 (Reuters) - BP Plc :

* Says Q4 and full year 2016

* BP's fourth-quarter replacement cost (RC) profit was $72 million, compared with a loss of $2,233 million for same period in 2015

* Net debt* at Dec. 31 2016 was $35.5 billion, compared with $27.2 billion a year ago

* Says full year of 2016 RC loss was $999 million, compared with a loss of $5,162 million for full year of 2015

* Announced a quarterly dividend of 10.00 cents per ordinary share ($0.600 per ads), which is expected to be paid on March 31 2017

* Says underlying RC profit for full year was $2,585 million, compared with $5,905 million for same period in 2015

* Capital expenditure on an accruals basis* for Q4, excluding amounts relating to renewal of a 10 pct interest in Abu Dhabi onshore oil concession was $5.1 billion, compared with $6.1 billion for same period in 2015

* Capital expenditure on an accruals basis for Q4 was $7.6 billion.

* Says net cash provided by operating activities for Q4 and full year was $2.4 billion and $10.7 billion respectively, compared with $5.8 billion and $19.1 billion for same periods in 2015

* Disposal proceeds, as per cash flow statement, were $0.5 billion for Q4, compared with $0.2 billion for same period in 2015

* Underlying RC profit for Q4 was $400 million

* Says reserves replacement ratio* on a combined basis of subsidiaries and equity-accounted entities including impact of Abu Dhabi renewal was estimated at 109 pct(a) for year

* Says upstream replacement cost profit before interest and tax for Q4 $692 million compared with a loss of $2,280 million last year

* Production for quarter was 2,186mboe/d, 5.5 pct lower than Q4 of 2015.

* Underlying production* for quarter increased by 1.8 pct, largely reflecting major project ramp-ups

* For full year, production was 2,208mboe/d, 0.5 pct lower than in 2015.

* Underlying production for full year was broadly flat versus same period in 2015.

* Says replacement cost profit before interest and tax for full year was $574 million respectively compared with a loss of $937 million in 2015

* Fuels business reported an underlying replacement cost profit before interest and tax of $417 million for Q4 and $3,727 million for full year, compared with $888 million and $5,995 million

* Lubricants business reported an underlying replacement cost profit before interest and tax of $357 million for Q4 and $1,523 million for full year, compared with $294 million and $1,384 million for same periods

* Petrochemicals business reported an underlying replacement cost profit before interest and tax of $103 million for Q4 and $384 million for full year, compared with $36 million and $166 million for same periods in 2015

* Says expect full-year 2017 underlying production to be higher than 2016

* Looking to q1 of 2017, we expect a similar level of refining margins and lower turnaround activity versus Q4.

* Says expect first-quarter 2017 reported production to be higher than Q4 2016 reflecting impact of Abu Dhabi concession renewal

* Says 2017 production could be impacted by OPEC quotas and entitlement impacts in our production-sharing agreements

* Downstream replacement cost profit before interest and tax for Q4 and full year was $899 million and $5,162 million respectively, versus $838 million and $7,111 million in 2015

* Says downstream underlying replacement cost profit before interest and tax for Q4 and full year was $877 million and $5,634 million respectively, versus $1,218 million and $7,545 million in 2015

* Says for full year, production was 2,208mboe/d, 0.5 pct lower than in 2015 Source text for Eikon: Further company coverage: (Bengaluru Newsroom)

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