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Quarterly results

BP is performing well, with safe and reliable operations, continued strategic progress and strong cash delivery
BP's fourth quarter and full year 2019 results cover image


BP's chief executive officer Bob Dudley and chief financial officer Brian Gilvary and Upstream chief executive Bernard Looney hosted a webcast covering our results for the fourth quarter and full year 2019.  This was followed by a question and answer session.

4Q 2019


BP is performing well, with safe and reliable operations, continued strategic progress and strong cash delivery. This all supports our commitment to growing distributions to shareholders over the long term and the dividend rise we announced today. After almost ten years, this is now my last quarter as CEO. In 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 successfully navigate the rapidly-changing energy landscape.Bob Dudleygroup chief executive



In numbers

Download the key numbers from our fourth quarter and full year 2019 results in an infographic

BP`s fourth quarter 2019 results highlights
BP`s fourth quarter 2019 results highlights

4Q in detail

  • Cash flow strong, increased disposal plans
    • Underlying replacement cost profit for the fourth quarter and full year 2019 was $2.6 billion and $10.0 billion respectively, compared to $3.5 billion and $12.7 billion for the same periods a year earlier, largely reflecting the impact of the weaker environment. Reported profit was $19 million for the fourth quarter and $4.0 billion for the full year.
    • Non-operating items in the quarter included a $1.9 billion after-tax impairment charge, mainly for the disposal of US gas assets, and a $0.9 billion charge arising from the reclassification of past foreign exchange losses on the formation of BP’s new biofuels joint venture.
    • Full-year operating cash flow, excluding Gulf of Mexico oil spill payments, was $28.2 billion, including a $0.3 billion working capital release (after adjusting for net inventory holding gains).
    • Gulf of Mexico oil spill payments for the year totalled $2.4 billion on a post-tax basis, and are expected to be less than $1 billion in 2020.
    • Maintaining capital discipline, full-year organic capital expenditure of $15.2 billion was at the bottom of the guided range. Divestments and other disposals announced since the start of 2019 now total $9.4 billion, keeping BP ahead of schedule to meet its target of $10 billion proceeds by end-2020. BP expects to announce a further $5 billion of agreed disposals by mid-2021.
    • In January 2020 lunyb.icupleted its announced share buyback programme.
    • Net debt reduced by $1.1 billion in the quarter with gearing at 31.1%, down from 31.7% at the end of the previous quarter.
    • A dividend of 10.5 cents per share was announced for the quarter, an increase of 2.4% on a year earlier.
  • Continued reliable operations
    • Downstream delivered full-year refining availability of 95% and record refining throughput for the second consecutive year. Upstream operated plant reliability was 94.4% for the year.
    • Reported oil and gas production averaged 3.8 million barrels of oil equivalent a day in 2019, 2.7% higher than in 2018. Underlying full year Upstream production, which excludes both Rosneft and portfolio changes, was broadly flat with 2018.
  • Low-carbon expansions, new projects, retail growth
    • BP expanded its low-carbon businesses in 2019, increasing ownership in its solar joint venture Lightsource BP to 50%, and completed formation of its new Brazilian biofuels and biopower joint venture, BP Bunge Bioenergia.
    • Five Upstream major projects began production in 2019, and final investment decisions were taken for a further five.
    • BP continued its expansion into fast-growing fuels markets during the year and agreed a major fuels joint venture with Reliance Industries Limited in India.

Webcast presentation slides
BP Magazine`s fourth quarter and full year 2019 results infographic

BP Magazine's 4Q 2019 results infographic 

From the key numbers to the latest updates on projects and progress, see this quarter’s highlights from BP 

Useful links

Dates and details of dividend payments as well as our results archive and related press releases dating back to 2009

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