BP Amoco Says Earnings Doubled

BP Amoco

(BP) - Get Report

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%.

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.