British energy giant BP increased its hydrocarbon production in the fourth quarter of 2019 and year-over-year, but profits fell during the same periods, according ot its financial results statement released on Tuesday.
Total hydrocarbons production rose to 502 million barrels of oil equivalent per day (mboed) in October-December period of last year, from 447 mboed the same period of the previous year, marking a 12.3% increase.
Hydrocarbons production averaged 499 mboed for the full year of 2019, jumping 43% from 349 mboed for the full year of 2018.
However, due to the fall in prices of liquids and natural gas, there was decline in the company's earnings, who said it largely reflects 'the impact of the weaker environment.'
Underlying replacement cost profit for the fourth quarter of 2019 was $2.6 billion, decreasing 25.7% from $3.5 billion the same period of previous year.
The same profit fell to $10 billion for the full year of 2019, from $12.7 billion for the full year of 2018 -- a 21.2% decline.
'Full-year operating cash flow, excluding Gulf of Mexico oil spill payments, was $28.2 billion, including a $0.3 billion working capital release,' the statement said.
'Gulf of Mexico oil spill payments for the year totaled $2.4 billion on a post-tax basis, and are expected to be less than $1 billion in 2020,' it added.
By Ovunc Kutlu