Amid the low oil and gas prices in the past year, U.K.-based oil and gas company, BP, reported a full-year net-profit that exceeds analysts’ expectations. However, their numbers still showed a 21% fall on their full-year net profit from 2018.
Posting a full-year underlying replacement cost profit, a measure used in lieu and proxy for net profit, the oil and gas company revealed a profit of $10 billion in 2019. The posted numbers are higher than the expected 2019 gain by analysts. The estimated full-year net profit was $9.7 billion in 2019, according to data from Refinitiv.
However, compared with the $12.7 billion full-year net profit in 2018, the company reflects a year-on-year fall of 21%. Meanwhile, shares of BP were up more than 4% following the announcement.
“BP is performing well, with safe and reliable operations, continued strategic progress and strong cash delivery,” Bob Dudley, CEO of BP, said in a statement.
“After almost ten years, this is now my last quarter as CEO. At that time, we have achieved a huge amount together, and I am proud to be handing over a safer and stronger BP to Bernard and his team.”
“I am confident that under their leadership, BP will continue to navigate the rapidly-changing energy landscape successfully,” Dudley said.
New chief executive
In October last year, Dudley said that he is ready to step down as the CEO of the oil company. The effectivity of this change in management took effect on February 4. Dudley held the position in the company for almost a decade, and he plans to retire on March 31, the 64-year-old said.
The next in line to take the reins from the outgoing chief executive is Bernard Looney. He has ran BP’s upstream business since April 2016 and has been a member of the firm’s executive management team since November 2010.