BP's latest figures come amid a rapidly improving environment for big energy firms, with oil prices skyrocketing 50 percent since the middle of previous year.
British oil and gas company BP (BP.L) will increase investment in the United States after the lowering of tax rates under President Donald Trump, Chief Executive Bob Dudley said on Tuesday.
BP opened seven new oil and gas fields during 2017 and its oil production rose 12 per cent to 247m barrels of oil per day.
World oil prices had leapt by some 15 percent to finish the year at $60 per barrel, helped by oil cartel OPEC's efforts to limit its production. "We enter the second year of our five-year plan with real momentum, increasingly confident that we can continue to deliver growth".
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BP has announced a sharp increase in its profits for 2017, painting its most positive financial picture since the Deepwater Horizon disaster.
The move is a clear sign that the BP is recovering after oil prices collapse and is gradually shake off by the impact of the 56 billion Dollars paid for fines and oil clearing costs since 2010. Brent crude, a benchmark for worldwide oil prices, averaged $61.26 a barrel in the fourth quarter, up 24 percent from a year earlier.
"The results primarily reflected higher oil prices", the London-listed giant said. Cash flow in the fourth quarter rose slightly to $6.2bn but fell short of market expectations, raising concerns that cost cuts have run their course, echoing concerns about rivals Royal Dutch Shell, Exxon Mobil and Chevron which reported last week.
That marked a jump from $400m a year earlier and topped a third-quarter profit of $1.9bn.