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BP Dodges Oil-Industry Gloom as Profit Jumps With Production

  • The start of seven new projects lifts output by 18 percent
  • Company is in ‘growth mode’ with prices at current levels: CEO
Bloomberg business news
CEO Bob Dudley says BP is "firing on all cylinders.(Source: Bloomberg)
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BP Plc dodged the disappointment that afflicted other oil-company earnings as it did a better job of exploiting the upswing in crude prices.

Oil and gas output rose following the startup of seven new projects last year, helping the London-based giant post a fivefold increase in fourth-quarter profit from a year earlier to the highest since the start of 2015. While cash flow from operations fell slightly, BP avoided any major miss compared with expectations.