BP and the company’s competition all had a great 2018. The company reports that their profits doubled last year amid strong growth in the oil and gas sector. A large American shale acquisition also contributed to the gas giant’s success.
Recent global trends have helped push BP towards a good start in 2019. 2018 saw BP achieve record levels of oil and gas extraction as well as record refining capacity. Early trading on Tuesday saw BP shares rise 3.3%, the best performance the ticker has seen since December. The gains come in spite of a significant drop in crude prices at the close of 2018.
BP is not alone in their recent success. Chevron, Exxon Mobil, and Dutch Shell have all reported stronger earnings than those previously forcasted. A large part of this growth comes from the higher production of shale in the US. Oil companies have been investing billions into US shale basins in the last few years.
All things considered, 2018 was a year that saw BP go through a transformation. Now that the company has come back from the deadly 2010 disaster in the Gulf of Mexico, it will be interesting to see what changes going forward.