BP Amoco Says Earnings Doubled
BP Amoco
(BP)
posted fourth-quarter earnings that doubled from a year ago amid a strong trading environment, higher oil and gas prices and successful cost cutting.
The U.K.-based oil titan, the largest U.S. oil and gas producer and a top oil refiner, said fourth-quarter earnings rose to $4.09 billion, or 18.25 cents per American depository share, up from $2.12 billion, or 10.94 cents a share, in the same period last year. For the year, earnings were $14.203 billion, compared with $6.21 billion last year.
Exploration and production volumes during the quarter grew by 9%, but excluding acquisitions, fell by 4%.
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The company says it achieved savings of $2 billion year-over-year, including its
Arco
acquisition.
Shares of the company closed at $53.49 in Monday trading on the
New York Stock Exchange
. They have a 52-week range of $43.14 and $59.31.
